02:25 PM EDT, 05/02/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We cut our 12-month target by $8 to $100 on a P/E of 18x our 2025 EPS view, in line with EMS peers. We cut our 2024 EPS view to $3.40 from $4.04 and 2025's to $5.56 from $6.22. AEIS printed non-GAAP Q1 EPS of $0.58 vs. $1.24, below consensus by $0.10. Revenues fell 23%, missing estimates, as the company grappled with a challenging demand environment across its non-semi verticals. The top-line miss was driven by higher-than-anticipated inventory destocking and reduced demand in the Telecom/Networking sectors. Performance was broadly weak, with revenues -32% in Industrial/Medical, -54% in Telecom/Networking, -30% in Data Center Computing, and -7% in Semiconductors. While near-term headwinds persist, we believe Q1 marked a cyclical trough and we anticipate a gradual recovery to begin over the next few quarters. Longer term, we remain positive on AEIS given its strong positioning to capitalize on growth tailwinds in semi capital equipment spending; however, we would like to see tangible signs of volume recovery.