Jefferies analyst Stephen Volkmann downgraded Sarcos Technology to Hold from Buy with a price target of $1.15, down from $4.25. The company has pivoted its business model and changed senior management and is now focused on several robotic niche applications in undersea, airport and solar applications, the analyst tells investors in a research note. While the company believes it can start generating product revenue in the Q4, visibility is “extremely limited,” says the firm. It cites the change in business model and “dwindling” cash balances for the downgrade.
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