Faro Technologies plunges to 13-yr low on wider loss

FARO Technologies

04/05/2023 20:13

** Shares of software designer Faro Technologies  FARO.O  dive to their lowest since 2009,
last down 42.8% at $13.47
    ** Co posts Q1 adj. loss of 38 cents per share vs analysts' estimates of 13 cents loss per
share    
    ** "Softer macro conditions caused a drop in demand in late Q1 with weakness in Europe and
APAC"- brokerage Berenberg
    ** Announces retirement of CEO Michael Burger effective July 1, after which Yuval Wasserman
will take over as interim CEO 
        ** Berenberg cuts target price on Faro stock to $50 from $56, while Craig-Hallum cuts
target price to $22 from $30
  
    ** Stock set to post worst day, if losses hold    
    ** Including session's losses, stock has fallen ~54.85% YTD

 (Reporting by Sruthi Narasimha Chari in Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))