Roth Capital Downgrades Energy Focus (EFOI) to Neutral

Roth Capital downgraded Energy Focus (NASDAQ: EFOI) from Buy to Neutral with a price target of $20.00 (from $23.00) on valuation and pending Navy RFQ for new vendors.

Craig Irwin commented, "We are downgrading shares of Energy Focus to Neutral from Buy on a fair valuation and increasing risks to the company's revenue trajectory. While EFOI continues to make progress on commercial markets, a pending RFQ with the Navy likely leads to alternative T-LED suppliers serving the market, and we expect pricing to be adjusted downward. Heavy insider selling also impacts our confidence levels. We wait for stronger evidence of earnings from commercial product success before potentially becoming more constructive."

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

Shares of Energy Focus closed at $20.00 yesterday.

You May Also Be Interested In

• Dollarama Inc. (DOL:CN) (DLMAF) PT Raised to Cdn$231 at Bernstein SocGen
• Casey's General Stores (CASY) PT Raised to $975 at Stephens
• Honasa Consumer Ltd (HONASA:IN) PT Raised to INR462 at CLSA