Latch downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Rod Hall downgraded Latch to Neutral from Buy with a price target of $10, down from $16. Multiple data points indicate “significant delays” in residential construction projects, says the analyst, who now expects supply shortages in the housing construction market to persist through the second half of 2022. Hall continues to believe Latch has an “attractive market opportunity” over the long term but advises investors to move to the sidelines given uncertainty in its bookings conversion to cash flow due to supply chain issues delaying construction.