Enviva price target lowered to $40 from $70 at Truist

Truist analyst Jordan Levy lowered the firm’s price target on Enviva to $40 from $70 but keeps a Buy rating on the shares. The company’s Investor Day presentation reset expectations surrounding its growth plans, though the management also reiterated its confidence in the macro backdrop for biomass along with the ability to continue to fund growth while maintaining the dividend, the analyst tells investors in a research note. Truist adds that while Enviva offers an attractive long-term growth trajectory and yield, given its recent missteps and challenges, the stock remains very much a "show me story" moving through 2023.