Emeren price target lowered to $7 from $10 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Emeren to $7 from $10 and keeps a Buy rating on the shares. The analyst cites the weaker than expected results for Q3, lowered guidance for 2023, and downward revisions to the firm’s 2024 projections for the target drop. The firm believes Emeren’s current balance sheet and expectations of collecting additional cash over the next two quarters “provide a significant advantage in this market environment.” However, the company needs to show a more consistent execution relative to guidance to drive investor confidence, says H.C. Wainwright.