BofA double downgraded FTC Solar to Underperform from Buy with a price target of 20c, down from $4. Following the announcement that both the CEO and CFO have left their roles under direction of the board, credibility of the story “is in question,” the analyst tells investors. A lack of clarity on a revenue recovery and standing liquidity issues “layer on real financial risk,” the analyst added.
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Read More on FTCI:
- FTC Solar downgraded to Market Perform from Outperform at Northland
- FTC Solar announces leadership transition
- FTC Solar price target lowered to $2 from $9 at Roth MKM
- 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
