mCloud Technologies downgraded to Hold from Buy at Maxim

Maxim analyst Jack Vander Aarde downgraded mCloud Technologies to Hold from Buy. The analyst cites the company’s announcement of a special committee to evaluate potential private and public structure strategic alternatives to determine the most viable outcomes to maximize value for the company’s security holders. Maxim is also cutting its FY24 outlook, which reflects its expectation of near-term headwinds resulting from the company’s ongoing transition to Google Cloud.