Lake Street downgraded Evolv to Hold from Buy with a price target of $3.50, down from $6. Evolv lowered its 2024 growth forecast as a result of longer sales cycles and the firm was “surprised by the size of the guidance reset,” the analyst tells investors. While the firm is still fans of the “market-leading weapons detection provider,” it notes that every unit pushed out of 2024 hurts the company’s billable units base in 2025 and views the shares as fairly valued at current levels.
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