Hyliion Holdings downgraded to Market Perform from Outperform at Northland

Northland analyst Donovan Schafer downgraded Hyliion Holdings to Market Perform from Outperform with a price target of $1.50, down from $2.80, after the company announced it is considering strategic options for it’s powertrain business, which has been Hyliion’s core business. The firm’s lower rating and target reflects the increased uncertainty, but it still sees potential for upside from the KARNO generator and support for the stock given shares are trading below Hyliion’s net cash position, the analyst tells investors.