R.F. Lafferty analyst Jamie Perez lowered the firm’s price target on Workhorse Group to $5 from $6 and keeps a Buy rating on the shares after the company reported a Q3 GAAP net loss of (22c) per share that missed consensus by (10c) on revenues of $1.55M, an improvement from last year’s negative sales. During Q3, Workhorse began the initial production of its Class 4 trucks and the company has updated its production and sales forecast range to 100-200 vehicles from its prior estimate of 150-250 vehicles, noted Perez.
Published first on TheFly
Read More on WKHS:
- Workhorse Group Drops As Q3 Earnings Fall Short of Estimates
- Workhorse Group Reports Third Quarter 2022 Results
- Workhorse Group reaffirms 2022 revenue view $15M-$25M, consensus $18.29M
- Workhorse Group announces Stables & Stalls fleet electrification platform
- Workhorse Group reports Q3 EPS (22c), consensus (12c)