| 2021-09-26 18:53:48|
RIDE, F 18:53 09/26 09/26/21
Lordstown Motors downgraded to Sell from Neutral at Goldman Sachs
Goldman Sachs analyst Mark Delaney downgraded Lordstown Motors (RIDE) to Sell from Neutral with an unchanged price target of $5, representing 34% downside from current share levels. The price target reflects the "competitive albeit growing" market for electric vehicles as well as the operational challenges that Lordstown is facing, including ramping production while facing supply chain and cash flow constraints, Delaney tells investors in a research note. The analyst points out that Ford (F) is planning to bring out a battery electric vehicle F-150 in 2022 starting at $40,000 for fleets, compared to the Endurance pickup which Lordstown plans to price in the low $50,000 range. In addition, the current supply chain issues that the auto industry broadly is experiencing could complicate Lordstown's production ramp over the next year, says Delaney. He says the competitive landscape and the company's operational challenges remain concerns for him.