Wejo downgraded to Neutral from Outperform at Baird

Baird analyst Jeffrey Meuler downgraded Wejo to Neutral from Outperform with a price target of $1.50, down from $3. The company’s revenue has ramped more slowly than expected and its burn rate remains significant, Meuler tells investors in a research note. The analyst says Wejo’s cash balance "has dwindled with relatively small recent funding rounds." Funding risks remain, and "depressed de-SPAC valuations more broadly may limit near-term upside, even if long-term upside potential remains significant," writes Meuler.