Canoo price target lowered to $14 from $18.50 at Alliance Global Partners

Alliance Global Partners lowered the firm’s price target on Canoo to $14 from $18.50 and keeps a Buy rating on the shares post the Q2 report. Like most of the electric vehicle space, Canoo has been under pressure due to limited revenue generation, consistently negative cash flow and capital funding challenges, the analyst tells investors in a research note. In part due to the second half of 2024 guidance and estimated future capital raises, the firm cut its price target.