Maxim lowered the firm’s price target on Worksport (WKSP) to $7 from $9 and keeps a Buy rating on the shares after its Q1 results. Revenue increased 337% and the initial sales of the company’s new truck bed cover – the AL4 – are ramping, but the management also narrowed lower its FY25 revenue outlook, the analyst tells investors in a research note. Maxim adds however that sales are expected to sequentially ramp through 2025 and gross margin should follow.
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Read More on WKSP:
- Worksport Ltd. Reports Strong Q1 2025 Growth
- Worksport Ltd Reports Strong Growth Amid Challenges
- Promising Growth Potential for Worksport Amidst Revenue Surge and Strategic Expansion
- Worksport Reports Q1 2025 Revenue Surge and Growth Plans
- Worksport backs FY25 revenue view $20M-$25M, consensus $27.76M
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