QuantumScape price target lowered to $7 from $10 at Truist

Truist analyst Jordan Levy lowered the firm’s price target on QuantumScape to $7 from $10 and keeps a Hold rating on the shares. Based on where QuantumScape is in its development cycle, the progress and timeline updates related to the company’s QSE-5 flagship battery cell product will likely continue to outweigh the quarterly financial results as it relates to share reaction, the analyst tells investors in a research note. The firm adds that its reduced price target reflects increased cost of capital assumptions in its model.