Canoo downgraded to Hold from Buy at Stifel

Stifel analyst Stephen Gengaro downgraded Canoo (GOEV) to Hold from Buy with a price target of 50c, down from $4.50. The firm cites the company’s need for capital and its recent announcement that it is suspending production in Oklahoma for the downgrade. Since Q1 of 2022, Canoo has noted that there was substantial doubt about its ability to continue to operate as a going concern, the analyst tells investors in a research note. Stifel says that in conjunction with employee furloughs, the company idled factories in Oklahoma as part of efforts to reduce costs and conserve cash resources while focusing on core operations and capital raising. The firm sees liquidity risks for Canoo.