QuantumScape resumed with Market Perform from Outperform at TD Cowen

TD Cowen downgraded QuantumScape to Market Perform from Outperform with a price target of $8, down from $14, after resuming coverage following a period of restriction. The company aims to commercialize solid-state lithium-metal batteries for electric vehicles and more recently announced a dual effort also seeking commercialization in combustion engine, the analyst tells investors in a research note. The firm says that while the data is promising at the mAh and single-digit Ah scale, the company’s timeline to commercialization keeps it sidelined.