FARO Technologies falls on Needham downgrade

Shares of FARO Technologies (FARO -3.5%) fall and slightly rebound after Needham cuts its rating to Hold from Buy and nixes its $40 PT, citing valuation.

Analyst James Richiuti thinks a challenging competitive environment could limit any upside to estimates. At the same time, he notes that the company's cash hoard should provide a "solid measure of downside support as management works to jump-start growth, including rolling out at least one major new product in the Q4."

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