Globe & Mail / Desjardins Desjardins Securities’ Benoit Poirier cut his target for shares of The Lion Electric Co. (LEV-N,
) to US$14 from US$18 with a “buy” rating. The average is US$10.84.
“We were pleased with the sequential improvement in vehicle deliveries reported in 1Q despite ongoing supply chain disruptions,” he said. “We continue to believe significant capacity expansion will benefit the company in the long run, but the recent softening in truck booking activity and lower adjusted EBITDA resulting from an increase in SG&A expenses has caused us to revise our estimates lower.”