UPDATE: Lordstown Motors (RIDE) PT Lowered to $8 at Morgan Stanley

Morgan Stanley analyst Adam Jonas lowered the price target on Lordstown Motors (NASDAQ: RIDE) to $8.00 (from $12.00) while maintaining a Underweight rating.

The analyst comments "RIDE’s 1Q21 results featured a larger than expected loss, higher cash consumption, a reduced forecast and a need for outside capital. While there is some glimmer of strategic value, we believe investors are exposed to outsized company and market risk. Reiterate UW.

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