INVE - Identiv rises after B. Riley upgrades

2023-06-26 13:22:32 ET

• Identiv ( NASDAQ: INVE ) rose ~14% Monday afternoon after B. Riley Securities upgraded the security technology company on expected cyclical bottom.
• The agency raised the rating on the company to Buy from Neutral, and boosted the price target to $11 from $10. The stock is currently trading at $8.16.
• The agency was Neutral-rated on the company's shares since November 2022, considering the supply constraint, cyclical unit and sales pressure, and resultant downside margin and EPS risks.
• The strategic options reviews and CEO open market purchases are expected to help shares bottom with or perhaps a quarter before RFID IoT's sales bottom.
• The sell-side analysts give the stock a Strong Buy rating, with an average price target of $10.75.
• Meanwhile, Seeking Alpha's Quant Rating system gives the stock a Sell rating.
• INVE has negative EPS revisions and decelerating momentum when compared to other IT stocks. The 3M price performance is -39.47%, while the IT sector median is -14.49%.

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