Hyzon Motors downgraded to Hold from Buy at Canaccord

Canaccord downgraded Hyzon Motors to Hold from Buy with a price target of $6, down from $12. Hyzon reported delivery of 87 vehicles in FY21, but due to collection concerns with its auditor the company was unable to recognize the full revenues, notes the firm, which also notes that the company is seeing non-China-based sales ramp slower than expected and is incurring revenue recognition issues in domestic China sales. Hyzon’s cash balance "could provide downside support," but the firm is lowering its rating until visibility improves.