Beam Global price target lowered to $9 from $13 at Roth MKM

Roth MKM lowered the firm’s price target on Beam Global to $9 from $13 but keeps a Buy rating on the shares. The company posted Q3 revenue that was in line with consensus, but its gross margins and adjusted EBITDA were below estimates, and its backlog also fell modestly at the end of the quarter, the analyst tells investors in a research note. Following the October close on the Amiga DOO acquisition however, Roth MKM sees accelerating growth while adding the company to its model.