Craig-Hallum Downgrades Identiv to Hold, Price Target Cut to $3.10
Craig-Hallum downgraded Identiv to Hold from Buy with a price target of $3.10, down from $7. Identiv announced a definitive agreement to sell its IoT operating assets and Thai subsidiary to Trackonomy Systems in exchange for $25M cash and a $50M preferred equity stake, alongside a strategic partnership to develop new software opportunities, while shifting post-deal focus toward acquiring small compliance SaaS businesses and continuing capital return via an expanded $40M buyback program, though the strategic timing ahead of upcoming initiatives raises some questions, the analyst tells investors in a research note.
