UPDATE: Morgan Stanley Downgrades Lordstown Motors (RIDE) to Underweight
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(Updated - October 4, 2021 6:22 PM EDT)
Morgan Stanley analyst Adam Jonas downgraded Lordstown Motors (NASDAQ: RIDE) from Equalweight to Underweight with a price target of $2.00 (from $8.00).
The analyst comments "Lordstown announced an agreement to sell its plant to Foxconn for $230mm, less than 1/5 of our prior plant value estimate. This, combined with our lowered forecasts (which assume the Endurance is not commercially viable), drives our price target to $2 and our rating to UW."
Shares of Lordstown Motors closed at $6.53 yesterday.
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