Goldman Sachs suspends Hyzon Motors rating amid board investigation

Goldman Sachs analyst Jerry Revich suspended his rating on shares of Hyzon Motors saying there is “not currently a sufficient basis for determining an investment rating or price target for this company.” The stock closed Friday down 38% to $2.78. Hyzon’s determined that financials from 2021 and Q1 of 2022 should no longer be relied upon as its board investigates the company’s timing of revenue recognition and internal controls and procedures, particularly in China, Revich tells investors in a research note. Revich previously had a Neutral rating on the shares.

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