Workhorse Group price target lowered to $5 from $6 at R.F. Lafferty

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.