Lion Electric price target lowered to $1.50 from $2.50 at Canaccord

Canaccord analyst George Gianarikas lowered the firm’s price target on Lion Electric to $1.50 from $2.50 and keeps a Hold rating on the shares. The firm reduced its target after reducing estimates as management is reducing costs and inventory by $50M-$75M. Canaccord also encourages management to continue to look for ways to bolster the balance sheet, improve liquidity, and improve its long-term growth prospects.