R.F. Lafferty analyst Jaime Perez downgraded Lordstown Motors to Sell from Hold with a price target of $3, down from $9, after the company announced that CEO Steve Burns and CFO Julio Rodriguez resigned their positions, effective immediately. The stock in premarket trading is down 17%, or $1.96, to $9.45. Last week, Lordstown warned of a going concern risk and during its Q1 earnings call, management warned that it might need to raise additional capital to meet its production forecast, Perez tells investors in a research note. “With the level of uncertainty increasing in the future” of the company, a downgrade to Sell is prudent, says the analyst.
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