Blue Bird price target lowered to $45 from $55 at BTIG

BTIG lowered the firm’s price target on Blue Bird (BLBD) to $45 from $55 and keeps a Buy rating on the shares. The company’s higher than expected profitability was partly driven by cost management efforts which offset lower average sales prices due to customer and product mix changes, the analyst tells investors in a research note. Blue Bird has continued to surprise to the upside on quarterly profitability, but BTIG warns that the ultimate level of EV delivery volumes will depend on realized government funding levels.