UPDATE: Oppenheimer Downgrades Energy Focus (EFOI) to Perform
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(Updated - August 12, 2016 9:25 AM EDT)
Oppenheimer downgraded Energy Focus (NASDAQ: EFOI) from Outperform to Perform and removed its price target (prior $12). The change follows disappointing Q2 results and guidance.
Analyst Colin Rusch said, "EFOI posted results below expectations as military revenue disappointed and commercial sale declined Q/Q on a contract delay worth $1M. The company also identified an inventory management mismatch which was corrected and cost the company $814M. On the plus side the company announced its first order from the Canadian navy along with incremental orders from the Australian navy. The company also continues to make progress across its targeted subsegments of the commercial lighting market. We note commercial lighting sales have doubled on a Y/Y basis to $7.9M. While we are bullish on EFOI’s prospects, we view inconsistent sales from the military as a material risk to equity holders. As such, we are stepping to the sidelines until the company consistently delivers revenue consistent with guidance. "
Shares of Energy Focus closed at $4.85 yesterday.
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