Canoo price target lowered to $18.50 from $20 at Alliance Global Partners

Alliance Global Partners lowered the firm’s price target on Canoo to $18.50 from $20 and keeps a Buy rating on the shares. The firm’s new price target reflects the company’s reverse stock split and a higher expected share count, the analyst tells investors. The firm’s Buy rating reflects the continued view that the combination of a unique modular design, large order book, ramping capacity and a clearer funding path make Canoo “an attractive investment.”