Baird analyst Ben Kallo downgraded Embark Technology to Neutral from Outperform with a price target of $3, down from $15, after the company announced a workforce reduction of 70% and is exploring strategic alternatives to commercialization and company assets. The analyst now sees business uncertainty in near term. While the announcement does not guarantee a change in strategy, continuing operations on Embark’s current course is unlikely, the analyst tells investors in a research note.
Published first on TheFly
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