SmartRent downgraded to Neutral from Buy at BTIG

BTIG downgraded SmartRent to Neutral from Buy without a price target. The firm says it under-appreciated the level of macro sensitivity embedded in the business model as it currently stands as well as the extent to which the company would “mis-execute against the opportunity in front of it.” There remains a considerable amount of uncertainty regarding SmartRent’s path forward despite a “highly capable Board,” the analyst tells investors in a research note.