Updates
** Shares of semiconductor parts maker AXT Inc AXTI.O down ~14% at $22.20 premarket
** Co cuts Q4 revenue forecast citing fewer China export permits for indium phosphide (InP)
** Sees Q4 2025 revenue at $22.5 million to $23.5 million vs. prior guidance of $27 million to $30 million
** CEO Morris Young says AXTI is working with China's Ministry of Commerce and hopes for additional permits in Q1 2026
** B. Riley downgrades stock to "neutral" from "buy"; raises PT to $18 from $9
** Brokerage expects InP demand to remain strong for the foreseeable future, since it is a key building block for transceiver lasers
** AXTI rose 57.9% in 2025
(Reporting by Tharuniyaa Lakshmi and Koyena Das in Bengaluru)
((tharuniyaa@thomsonreuters.com))