Electrovaya price target lowered to $6 from $9 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Electrovaya to $6 from $9 and keeps a Buy rating on the shares. The firm notes Electrovaya reported Q3 results below expectations and it lowered its FY24 revenue outlook to account for customer directed movement of revenue into FY25. This is not lost business, but rather pushed out, often related to the timing of new warehouse construction for large Fortune 100/500 customers, Craig-Hallum says.