Roth Capital Downgrades Adomani (ADOM) to Neutral

Roth Capital analyst Craig Irwin downgraded Adomani (NASDAQ: ADOM) from Buy to Neutral with a price target of $0.35 (from $2.00).

The analyst comments "We are downgrading shares of Adomani to Neutral (from Buy) on weak revenue and what looks like an end to the relationship with Blue Bird (BLBDBuy). Backlog trends are healthy, but the company has had limited recent capacity to deliver on orders with existing subcontractors. Cash of $7.7m does leave room for mgmt to reposition, but we are moving to the sidelines with loss of visibility at the company's anchor distribution partner."

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

Shares of Adomani closed at $0.38 yesterday.

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