Lake Street lowered the firm’s price target on Local Bounti to $10 from $20 and keeps a Buy rating on the shares after the company reported Q3 results “narrowly below” the firm’s estimates. The stock “has no support in the public market given its early stage, high cash burn, de-SPAC nature, and the stink of the CEA sector,” notes the analyst, who believes “patient capital can deliver considerable alpha from current levels as greenfield locations continue to be set for completion.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on LOCL:
- Local Bounti downgraded to Hold from Buy at Deutsche Bank
- Local Bounti cuts FY23 revenue view to $30M-$34M from $34M-$40M
- Local Bounti reports Q3 EPS ($3.02), consensus ($2.84)
- Local Bounti Announces Third Quarter 2023 Financial Results
- Local Bounti price target lowered to $12 from $13 at Oppenheimer
