Cantor downgrades Ree Automotive to Neutral on slower ramp-up

Cantor Fitzgerald analyst Andres Sheppard last night downgraded Ree Automotive to Neutral from Overweight with a price target of $1, down from $2. The firm cites a slower than anticipated ramp-up, lower than anticipated revenues, and difficult macro conditions for the downgrade. The analyst continues to believe Ree benefits from a "flatter and highly-customizable" product offering that is technologically agnostic and suitable for a wide range of vehicles and from a "capex-light" business model. However, Cantor has become a bit more conservative in the short term.