Craig-Hallum analyst Steve Dyer maintained a Buy rating on Nautilus but cut his price target to $12 from $20 following the company's much weaker than expected preliminary results for Q4, which, he tells investors in a research note, "raises several red flags." Dyer says the shortfall was primarily related to a mid-quarter launch of its Max Intelligence platform, and the initial messaging of it didn't immediately resonate with consumers. While concerning, the analyst says he has tried the product and thinks it is "fantastic," and he thinks it will gain traction with more than a few weeks of marketing. While the stock will be in the proverbial penalty box for several quarters, he doesn't think issues are terminal, its product portfolio is attractive and there is reasonable amount of safety with $1/share net cash.