Workhorse Group downgraded to Hold from Buy at R.F. Lafferty

R.F. Lafferty downgraded Workhorse Group to Hold from Buy with a price target of $1, down from $4, after the company reported a Q3 GAAP net loss that missed consensus and reported actual revenues that were below consensus by approximately $18M. Given the slower-than-expected production ramp-up, the firm is trimming its 2024 revenue estimates to $64M, down from a prior estimate of $198M, and sees potential of the company raising additional capital, thus increasing dilution.