TPI Composites price target lowered to $2.00 from $6.50 at Roth MKM

Roth MKM lowered the firm’s price target on TPI Composites to $2.00 from $6.50 and keeps a Neutral rating on the shares as the company delivered a Q3 earnings miss and reduced its 2023 guidance. An increase in the warranty charge and Proterra bankruptcy impacted the quarter’s results, while lower demand, transitions, and profitability at the Matamoros facility are expected to impact Q4, the analyst tells investors in a research note, adding that the firm has also lowered its Q4 and FY24 estimates on the potential for lower demand.