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Beam Global price target lowered to $4 from $5 at Maxim

Maxim lowered the firm’s price target on Beam Global (BEEM) to $4 from $5 but keeps a Buy rating on the shares. The company’s Q1 results saw revenue decline 57% y/y, below the firm’s estimate, due to fewer deliveries of electric vehicle charging infrastructure units to U.S. government agencies, though its revenue from commercial customers rose 44% y/y to 43% of revenue and international now represents 25% of revenue, the analyst tells investors in a research note.

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