Dawson James analyst James McIlree upgraded Arcimoto to Neutral from Sell. While there are "still significant financial and operational challenges the company must address," the shares reached the firm’s split-adjusted price target of $9 and the company indicated it intended to use its recent financing to retire its convertible note that "carried a burdensome interest rate," the firm tells investors. The firm adds that it believes the financing signals that the company will refrain from using its equity line of credit, a variable-priced instrument that it believes "exerted constant pressure on the shares."
Published first on TheFly
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