Wallbox price target lowered to $3 from $4 at Stifel

Stifel lowered the firm’s price target on Wallbox (WBX) to $3 from $4 and keeps a Buy rating on the shares. While Stifel is optimistic about Wallbox’s long-term growth potential, near-term uncertainty persists, and the firm thinks the recent slowdown in EV sales growth continues to be a headwind for home charger sales, which is Wallbox’s key market, the analyst tells investors in a research note. The company appears to be gaining traction in North America, underpinned by its partnerships, including a commercial agreement with Generac (GNRC), which now owns roughly 18% of Class A shares following its recent additional $35M investment, Stifel says.