Oppenheimer downgrades Appharvest (APPH) to Perform on going-concern disclosures and industry growing pains

(Updated - December 2, 2022 7:54 AM EST)

Oppenheimer analyst Kristen Owen downgraded Appharvest (NASDAQ: APPH) from Outperform to Perform on increased going-concern disclosures and broader CEA industry growing pains.

The analyst commented, "We are downgrading shares amid increased going-concern disclosures and broader CEA industry growing pains. We see the company entering into a critical execution phase as it ramps its three new facilities, and believe recent restructuring actions have resulted in more scarce access to operational management expertise. We remove our $5 price target, and look for execution milestones as opportunities to get more constructive in the future"

For an analyst ratings summary and ratings history on Appharvest click here. For more ratings news on Appharvest click here.

Shares of Appharvest closed at $0.90 yesterday.

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