Raymond James downgraded TPI Composites to Market Perform from Outperform without a price target. The analyst says there is no real clarity on how prolonged the company’s warranty issues will be, and also minimal visibility as to when TPI can resume meaningful growth in its electric vehicle segment. The firm again took down 2024 estimate and says the company’s positive adjusted EBITDA in 2024 is “nowhere near enough” to address its number-one financial challenge: how to pay off, or even merely service, the $350M of preferred stock that was issued to Oaktree Capital Management in November 2021.
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