Beam Global price target lowered to $15 from $18 at B. Riley

B. Riley lowered the firm’s price target on Beam Global to $15 from $18 and keeps a Buy rating on the shares following the fiscal Q4 report. Beam reiterated and confirmed lumpiness in order cadence will continue, resulting in a lack of clarity on near-term growth visibility, the analyst tells investors in a research note. However, the firm believes meaningful long-term growth remains in sight with the $150M pipeline, expansion into European markets, and the launch of the electric vehicle Standard product. It sees a “compelling growth story.”