Canoo price target lowered to $1.50 from $3 at Roth MKM

Roth MKM analyst Craig Irwin lowered the firm’s price target on Canoo to $1.50 from $3 and keeps a Neutral rating on the shares. The company reported Q2 progress with tight cost controls and substantial supplier engagement preparing for a late 2024 start of commercial production, the analyst tells investors in a research note. The firm adds however that it is lowering its estimates for a later start of commercial production, noting that it will look for improved visibility on longer-term revenue growth and future dilution before potentially becoming constructive on the stock.