Roth Capital Downgrades Agrify Corp. (AGFY) to Neutral
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Roth Capital analyst Scott Fortune downgraded Agrify Corp. (NASDAQ: AGFY) from Buy to Neutral with a price target of $1.50.
The analyst comments "Agrify reported 2Q22 revenues of $19.3M, well below expectations, and lowered '22 guidance in half to $70M-$75M on delays and capital market constraints. Margins contracted (heavier construction mix), as GMs lost 630 bps sequentially (16%), and EBITDA was ($6.1M), triggering covenant modifications. Management removed '22 guidance ($140M-$142M) and delayed TTK projects pushing inflection beyond 2023. Potential REIT partnership would bridge the cash and facility builds to breakeven profitability with additional TTK growth. Given macro/company issues, we now are at a Neutral rating with $1.50 PT. On August 9, we had withdrawn our estimates (now reinstated), and put our previous Buy rating and $11 PT under review awaiting 2Q results."
Shares of Agrify Corp. closed at $1.37 yesterday.
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