UPDATE: Goldman Sachs Downgrades Lordstown Motors (RIDE) to Neutral

Goldman Sachs analyst Mark Delaney downgraded Lordstown Motors (NASDAQ: RIDE) from Buy to Neutral with a price target of $10.00 (from $21.00).

The analyst comments "We believe that Lordstown’s plan to be the first mover in the fleet focused part of the EV pickup truck market gives it an opportunity to be successful long-term. However, the company’s recent issues with the Baja race on 4/17 (the vehicle ran out of battery after about 40 miles, albeit on challenging off-road terrain) suggests to us that there could be more development work to do on the powertrain than we had expected. This factor, coupled with the global auto supply chain challenges that are making it difficult to obtain parts, could increase the probability that the company’s market entry will be delayed and/or could occur at a more measured pace than we had expected."

For an analyst ratings summary and ratings history on Lordstown Motors click here. For more ratings news on Lordstown Motors click here.

Shares of Lordstown Motors closed at $9.76 yesterday.

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