Akoustic Technologies falls as brokerages cut PT after disappointing Q4 results

Aktis Oncology

13/09/2022 18:57

** Shares of radio frequency filter maker Akoustic
Technologies Inc  AKTS.O  fall as much as ~11% to a near
two-month low of $3.53
    ** Stock last down ~7%, on course for second straight
session of losses
    ** Brokerage Piper Sandler cuts PT to $5 from $7 and
Oppenheimer lowers to $8 from $10 after AKTS missed analysts'
expectations for Q4 revenue and profit on Monday
 urn:newsml:reuters.com:*:nTUA1ZJHG5 urn:newsml:reuters.com:*:nL8N30J3B4
    ** Brokerages say supply chain disruption in the consumer
electronics industry impacted the company in Q4 2022
    ** "Akoustic is seeing an impact from the supply side
related to the ongoing Chinese lockdowns as well as power
outages in select regions," says Piper Sandler
    ** However, Oppenheimer believes that supply chain issues
should resolve within 6-12 months
    ** Four brokerages rate the stock "buy" or higher; with a
median PT of $8 - Refinitiv data 
    ** YTD, stock has fallen ~45%

 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com))