Canoo Analyst Remains Bullish While Investors Punish The Stock On Disappointing Outlook
Portfolio Pulse from Priya Nigam
Canoo Inc (NASDAQ:GOEV) shares dropped significantly after issuing weak 2024 revenue guidance, despite a bullish stance from H.C. Wainwright & Co. analyst Amit Dayal, who raised the price target from $3 to $7. The company reported Q4 revenues of $0.4 million and an adjusted EBITDA loss of $54.0 million. The 2024 revenue guidance of $50M-$100M implies a production of 1,000-2,000 vehicles, with a goal of reaching 4,000-5,000 vehicles per quarter by mid-2025.
April 02, 2024 | 4:09 pm
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Canoo Inc's shares fell sharply after the company provided weak 2024 revenue guidance, despite a bullish analyst report from H.C. Wainwright & Co. raising the price target.
The significant drop in Canoo Inc's share price is directly related to the weak 2024 revenue guidance issued by the company, overshadowing the positive analyst report and raised price target. This negative outlook likely dampens investor sentiment in the short term, despite the analyst's bullish stance.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100