Shyft Group downgraded to Neutral from Buy at BTIG

BTIG analyst Gregory Lewis downgraded Shyft Group to Neutral from Buy without a price target following the company’s lowered fiscal 2023 guidance. The downgrade reflects ongoing challenges facing fleet vehicles, delays to the roll-out of Blue Arc, and the ongoing challenges to the recreational vehicle business, the analyst tells investors in a research note. While Shyft Group repurchased $10M of stock in Q3 and the long-term story remains intact as Utilimaster remains a dominant walk-in van, the next few quarters to be challenging, says BTIG.