Beam Global price target lowered to $18 from $25 at B. Riley

B. Riley lowered the firm’s price target on Beam Global to $18 from $25 and keeps a Buy rating on the shares. The analyst 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. However, weak sentiment for the space is providing attractive entry points for companies that don’t have near-term capital needs, the analyst tells investors in a research note.