Neutron Holdings (LIME) PT Lowered to $29 at Needham

Needham analyst Bernie McTernan lowered the price target on Neutron Holdings (NASDAQ: LIME) to $29.00 (from $36.00) while maintaining a Buy rating.

The analyst comments "We reiterate our Buy rating but lower our PT to $29 based on lower estimates. A new key debate emerged this quarter, competition, with promotional activity by Voi negatively impacting LIME RVD. LIME indicated they are not going to chase the promotional environment, and instead will focus on their product and technology which has made them a preferred partner for the cities they operate in. On LimePrime, the company has made significant strides in increase volume which has resulted in 2x gross profit per user vs a non-subscriber. While we assume gross margin pressure continues into next year, we assume it is primarily driven by increased competition. We expect competitive intensity to weigh on shares, but we think the company should be able to navigate these challenges given their leadership position and global scale of local market density."

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