Northland analyst Donovan Schafer downgraded FTC Solar to Market Perform from Outperform with a 65c price target after the company “delivered a major blow in its Q3 release.” In addition to “big” Q4 and Q1 guidance misses, the company abruptly announced CEO and CFO departures, says the firm, which thinks the company largely plans to fund losses until it expects to hit profitability sometime in 2024 through working capital improvements. Bankruptcy seems “less likely” given FTC has little debt, the analyst noted.
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Read More on FTCI:
- FTC Solar price target lowered to $2.50 from $5 at H.C. Wainwright
- FTC Solar Announces Third Quarter 2023 Financial Results and Leadership Transition
- FTC Solar sees Q1 of FY24 revenue $40.0M-$50.0M
- FTC Solar sees Q4 revenue $18.0M-$28.0M, consensus $67.63M
- FTC Solar reports Q3 non-GAAP EPS (8c), consensus (7c)
