Lightening eMotors (ZEV) PT Lowered to $7 at Benchmark
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Benchmark analyst Michael Ward lowered the price target on Lightening eMotors (NYSE: ZEV) to $7.00 (from $9.00) while maintaining a Buy rating.
The analyst comments "ZEV reported 2Q 2022 revenue of $3.5 million compared with revenue of $5.9 million in the year-earlier period. The company produced 74 units, but timing differences of customer payments limited units delivered to 36 units, postponing an estimated $3-$4 million in revenue to the send half. In addition, an improved supply of chassis should allow the company to accelerate delivery of customer orders in the second half and into 2023. While deliveries have been slowed by supply constraints, production and orders are accelerating. In our view, the longer term trend towards electrification of commercial vehicles is positive, and the latest spending bill from Washington provides enhanced incentives for all-electric commercial vehicles. We reduced our price target to $7.50 per share down from $9.00 per share to reflect a delayed revenue assumptions. We rate ZEV Buy."
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