Allot (ALLT) Reports Q2 Revenue of $25M, Net Loss of $20.7M; Offers Guidance; Announces Cost Reduction Plan
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Northland Capital Markets Downgrades Allot Communications (ALLT) to Market Perform
September 1, 2023 8:26 AM EDTNorthland Capital Markets analyst Mehal Chokshi downgraded Allot Communications (NASDAQ: ALLT) from Outperform to Market Perform with a price target of $3.00.
The analyst comments "2H23 guidance indicates DPI cash cow status has become questionable. Despite an in-line topline report for 2Q23, ALLT is lowering midpoint CY23 revenue guide by $12.5M to $102.5M with the reduction largely driven by ongoing weakness in core DPI business (~77% of total CY22 revenue). Embedded in the updated ARR guidance is a reduction in support & maintenance revenue from a midpoint of $42M to a... More
