RE:Raymond James 08:18 AM EDT, 08/05/2022 (MT Newswires) -- Exro Technologies Inc. (EXRO.TO) was downgraded to Outperform from Strong Buy at Raymond James.
Analyst Michael Glen lowered his target price on shares of the Calgary-based clean technology company to $2.75 from $4.
"While we continue to have a favourable outlook for Exro's core Coil Driver product, we are opting to downgrade the stock... as we assess the timing of milestone updates as well as current market valuations for EV stocks," Glen said in a note to clients. "We acknowledge that the timing of this downgrade is frustrating (given where the stock price is), but at the same time we are still waiting for some tangible updates regarding core programs, the primary one being SEA Electric (where we have always placed a substantial amount of emphasis given the opportunity set)."
"In retrospect, we had been too aggressive with assessing the pace at which such commercial development programs move forward, which has also been hampered by supply chain challenges," the analyst said.