Cango price target lowered to $3 from $8 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Cango (CANG) to $3 from $8 and keeps a Buy rating on the shares. The firm cites “rational reflection of market dynamics” for the target cut. Cango’s focus on energy-plus-compute along with the November direct listing of its ordinary shares “reduces structural friction for U.S. investors and broadens the potential investor base,” the analyst tells investors in a research note.