Lion Electric price target lowered to $1.50 from $3.50 at DA Davidson

DA Davidson lowered the firm’s price target on Lion Electric to $1.50 from $3.50 and keeps a Buy rating on the shares after its Q1 earnings miss. The company continues to ship vehicles in commercial quantities and higher than most other EV Truck start-ups, but its volumes remain range-bound and its EBITDA has not yet turned firmly positive, the analyst tells investors in a research note. The firm adds however that cost reductions and inventory shipments should help LEV fund operations in the near-term.