Alliance Global Partners analyst C. K. Poe Fratt is adjusting the firm’s price target to $20 per share for Canoo to reflect the reverse stock split of 1 for 23 shares that is effective today and a higher expected share count. There is no change to 2023 EBITDA loss estimates and operating losses are set to continue in 2024 and the production ramp “should be measured due to margin profile,” the analyst tells investors.
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