ElectraMeccanica downgraded to Hold from Buy at Stifel

Stifel downgraded ElectraMeccanica to Hold from Buy with a price target of 60c, down from $4.40. After recent management changes, the company “announced a series of significant strategic pivots,” the analyst tells investors in a research note. The firm believes the changes may offer opportunity and equity upside over the long term, but says they also return the company to “square one” in terms of the design, development, production, and commercialization of an electric vehicle in the marketplace. Given the “significant execution risks” in bringing an EV to start of production, and with an executive team that has limited production and manufacturing experience, Stifel is “inclined to take a conservative view.”