Northland analyst Donovan Schafer downgraded Xos to Market Perform from Outperform with a 60c price target after the company reported lower-than-expected Q4 results and 2023 guidance. The miss was "substantial," but the growth expectations have been high and the company is "taking the right approach" of focusing on costs and gross margins versus "growth at any cost" in the current environment, the analyst tells investors.
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Published first on TheFly
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Read More on XOS:
- Xos price target lowered to $4 from $6 at Benchmark
- Xos price target lowered to $1.50 from $2.50 at DA Davidson
- Xos sees FY23 revenue $58.5M-$84M, consensus $134.96M
- Xos, Inc. Reports Fourth Quarter and Full Year 2022 Results
- Xos reports Q4 EPS (10c), consensus (14c)
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