Lightening eMotors (ZEV) After Reporting Another Broadly Weaker Quarter, PT Lowered to $4 at BofA Securities

BofA Securities analyst Sherif El-Sabbahy lowered the price target on Lightening eMotors (NYSE: ZEV) to $4.00 (from $5.50) while maintaining a Underperform rating.

The analyst stated "Lightning reported another broadly weaker than expected set of results on Friday, May 13th. Lightning e-Motors (ZEV) delivered 68 units in the quarter, generating $5.4mn in revenue (guided $5-$6mn, 2% miss vs consensus), as limited chassis availability drove mix further towards the lighter end of the spectrum with lower average selling prices (ASPs)." "Overall results were reminiscent of Q1, as is outlook for the coming quarter which was guided below consensus. Unit backlog was flat QoQ at about 1.5k units."

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