Morgan Stanley analyst Adam Jonas lowered the firm’s price target on Lordstown Motors to $12 from $18 and keeps an Underweight rating on the shares after the company guided along with its fourth quarter report to a sharp increase in capital and operating expenditures to accelerate expanding production capacity to 60,000 units, plans for the development of a van and the insourcing of some tooling and equipment. The company’s capital intensity and dependency on outside capital has increased compared to his prior assumptions, leading him to reduce his target, Jonas explained.