Wallbox price target lowered to $4 from $6 at Stifel

Stifel analyst Stephen Gengaro lowered the firm’s price target on Wallbox to $4 from $6 and keeps a Buy rating on the shares. The company’s Q3 revenue missed expectations, which was largely due to continued excess inventory in the channel, the analyst tells investors. On the positive side, the company delivered better-than-expected gross margins and continues to drive operating costs lower, the firm says.