B. Riley downgrades Workhorse Group on equity capital needs

B. Riley analyst Christopher Souther downgraded Workhorse Group to Neutral from Buy with a price target of $1, down from $3. The analyst continues to have a positive bias around the company’s positioning in the market and growth opportunities but expects equity capital will continue to be needed in the near term that will result in significant dilution. Riley reduced price targets across the board in the electric vehicle and charging space to reflect contracted peer multiples and increased dilution for companies that will need to raise capital in the near term.