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.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on WKHS: