Local Bounti downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank downgraded Local Bounti to Hold from Buy with a price target of $1, down from $6. The company’s Q3 results were disappointing due to weather-related challenges in California and start-up costs at the Georgia facility, the analyst tells investors in a research note. The firm says the company is going through “growing pains” with management remained focused on mitigating future operational disruptions while also striving for enhanced productivity at its facilities.