UPDATE: Piper Sandler Downgrades Aeva Technologies Inc. (AEVA) to Neutral

Piper Sandler analyst Arvind Ramnani downgraded Aeva Technologies Inc. (NYSE: AEVA) from Overweight to Neutral with a price target of $3.00 (from $5.00).

The analyst comments "We are downgrading AEVA to Neutral as pre-revenue companies (pending production ramp in 2024) with substantial capital outlays (-$136M projected FCF in FY22E) may prove difficult to invest in amidst a weakening economy and rising interest rates. Although we are optimistic on the company’s product offering and market opportunity, the roadmap to revenue inflection remains lengthy and the company may benefit from a quicker market launch. We will be looking for updates around production timelines, partnerships, and investment plans."

For an analyst ratings summary and ratings history on Aeva Technologies Inc. click here. For more ratings news on Aeva Technologies Inc. click here.

Shares of Aeva Technologies Inc. closed at $3.25 yesterday.

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