GreenPower Motor Company Inc (GP) PT Lowered to $35 at BTIG

August 13, 2021 1:31 PM EDT
Get Alerts GP Hot Sheet
Price: $2.46 +2.50%

Rating Summary:
    3 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 8
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BTIG analyst Greg Lewis lowered the price target on GreenPower Motor Company Inc (NASDAQ: GP) to $35.00 (from $40.00) while maintaining a Buy rating.

The analyst commented, "GP reported FYQ1 earnings yesterday (AMC) and was trading up ~1% despite lower than expected revenues of $2.6M which was below consensus of $4.7M with revenues down 39% sequentially, but up 16% Y-Y. We note the broader EV OEM universe was trading down on average 3%-6% this morning. In FYQ1, GP delivered 21 EV Stars (vs 30 last quarter) and 0 BEASTs/EV-250s (vs 5 last quarter). Management noted it expects sales for its BEAST buses to pick up in the Fall (following the trade show in a few weeks), and we are modeling BEAST sales to recover into the mid-single-digit range per quarter. More importantly, despite the ebbs and flows of vehicles sales (FYQ1 is typically the weakest with a steady build into FYQ4) the Company has now ramped production capacity to ~20 EV Stars/month and ~10 BEASTs/month hitting its target previously laid out last year. The production ramp has seen inventory reach roughly 55 EV Stars which is in-line with management’s goal of maintaining 1-2 months of production in inventory (we note as production ramps to ~100 vehicles/month, management expects vehicle inventory to move towards ~1 month, given the lead times in delivering vehicles to customers. We reiterate our Buy rating."

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