Canoo price target lowered to $4 from $7 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Canoo to $4 from $7 and keeps a Buy rating on the shares post the Q2 report. The analyst cites changes in expectations with respect to the company’s production ramp timeline for the target cut. The firm previously expected Canoo to begin initial production in the second half of 2024 but says commentary from the Q2 earnings call leads it to believe that the production start may now be pushed to early 2025. It believes vehicle deliveries to customers remain the key catalyst for the stock.