12:20 AM 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 trim our 12-month target price by $1 to $14, applying an EV/Revenue multiple of 0.2x to our '24 estimate, a discount to its five-year historical multiple at 0.5x. We lower our '24 EPS estimate by $0.34 to $0.25 and cut '25's by $0.10 to $0.45. NTGR reported a Q1 loss of $0.28 vs. a loss of $0.19, in line with the consensus. Q1 revenue fell 9.0%, with a 6.6% decline in the Connected Home segment, which benefitted from higher growth shipments and the larger total addressable market, and a 12.2% decline in the NETGEAR For Business segment (formerly the Small and Medium Sized Business segment), impacted by its channel partner's destocking efforts. NTGR is currently between a rock and a hard place; the demand created by Covid-19 resulted in NTGR ordering far too much inventory, which it has struggled to work down with the rapid fall in demand. Best case scenario, NTGR works through the excess inventory by the end of Q2, but realistically, this issue will weigh on financials for the rest of this year.