Local Bounti price target lowered to $3 from $6 at Roth MKM

Roth MKM analyst Brian Wright lowered the firm’s price target on Local Bounti to $3 from $6 and keeps a Buy rating on the shares. The firm is updating its estimates to reflect the weather-related delay in GA facility construction along with the staggering of the commissioning schedules for the TX and WA facilities. The analyst adds however that the company’s Q4 results last week are "background noise" after the announcement that it has secured additional debt capital from strategic partner Cargill and through a sale-leaseback transaction that should provide sufficient additional capital to construct announced facilities and reach adjusted EBITDA positive.