QuantumScape downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs analyst Mark Delaney downgraded QuantumScape to Sell from Neutral with a price target of $5, down from $8 as part of a broader research note on U.S. Autos & Industrial Tech. The company’s long-time to market is likely resulting in continued negative EPS and free cash flow for several years, the analyst tells investors in a research note. Delaney adds that as investors increasingly focused on earnings power and free cash flow in light of the tough macro conditions, QuantumScape shares will underperform his broader coverage.