Wallbox price target lowered to $8 from $11 at Canaccord

Canaccord analyst George Gianarikas lowered the firm’s price target on Wallbox to $8 from $11 and keeps a Buy rating on the shares. The firm said they reported weaker-than-anticipated 2Q23 results compared to our expectations and management’s guidance driven by regional/general EV softness, continued channel inventory adjustments, and shifts in order timing.