TD Cowen downgrades Wallbox after ‘weak’ Q2 results

TD Cowen analyst Gabe Daoud downgraded last night Wallbox to Market Perform from Outperform with an unchanged price target of $4. The analyst cites the “weak” Q2 report and general macro concerns for the downgrade. While policy and new products can position Wallbox into commercial settings, the company largely remains a play on consumer electric vehicle adoption with its revenue dominated by a weakening Europe, the analyst tells investors in a research note. The firm says margin deterioration also a concern, particularly against increased competition.