Ree Automotive downgraded to Underweight from Neutral at Cantor Fitzgerald

Cantor Fitzgerald downgraded Ree Automotive to Underweight from Neutral with an unchanged price target of $4. The analyst continues to believe that Ree benefits from a flatter and highly-customizable product offering that is technologically agnostic and suitable for a wide range of vehicles. However, the firm is becoming more conservative on the company in the short term given a slower than anticipated ramp-up, lower than anticipated revenues, continued supply chain disruptions, capital raising needs, and difficult macro conditions. The company also disclosed on its Q3 call a need to raise additional capital of $20M, which is potentially problematic since raising capital in this environment remains challenging, the analyst tells investors in a research note.