TuSimple price target lowered to $1 from $2.50 at BofA

BofA analyst Ken Hoexter lowered the firm’s price target on TuSimple (TSP) to $1 from $2.50 and keeps an Underperform rating on the shares after the company announced the termination of its 2020 Joint Development Agreement to co-develop Level 4 autonomous semitrucks by 2024 with Navistar (NAV). The completion of TuSimple’s manufacturing plan with Navistar had been "an important checkpoint for its path to eventual profitability" and in the absence of a commercialization strategy, the long-term financial outlook for TuSimple is "now far less visible," said Hoexter, adding that he view the news of the termination as "a major negative event for the company."