Canoo price target lowered to $3 from $6 at R.F. Lafferty

R.F. Lafferty analyst Jaime Perez lowered the firm’s price target on Canoo to $3 from $6 and keeps a Buy rating on the shares after the company reported no sales in Q4 and a GAAP loss of (25c per share) that beat the consensus forecast while noting that the company has an order book of approximately $2.8B. The lower price target reflects the firm’s 2024 sales forecast of $225M as the firm expects the start of production within the second half of 2023 with "modest deliveries" and expects both production and deliveries to ramp up slowly throughout 2024.