Lightning eMotors price target lowered to $4 from $10 at DA Davidson

DA Davidson analyst Michael Shlisky lowered the firm’s price target on Lightning eMotors to $4 from $10 and keeps a Buy rating on the shares. The company’s Q3 results topped expectations and deliveries of 93 units were higher than his estimate of 70, the analyst tells investors in a research note. Shlisky adds however that while Lightning eMotors is delivering vehicles in good quantities, his price target update assumes that it raises an additional $100M of capital over the next few years.