JPMorgan downgraded Enviva to Underweight from Neutral without a price target. The company reported Q3 results below expectations, withdrew fiscal 2023 guidance, and provided further detail on a Q4 of 2022 transaction that forced the company into issuing a going concern notice, the analyst tells investors in a research note. The firm says the Q4 of 2022 transaction is set to cost Enviva hundreds of millions should the company be unsuccessful in contract renegotiation efforts and spot prices remaining at lower levels.
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Read More on EVA:
- Enviva rating suspended at Goldman Sachs after ‘going concern’ warning
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