Alliance Global Partners downgraded Canoo (GOEV) to Neutral from Buy. Canoo has been under pressure due to limited revenue generation, consistently negative cash flow and capital funding challenges, while the resignations of the CFO and the additional workforce furloughs are “disconcerting,” the analyst tells investors. The firm believes that the near-term outlook could deteriorate further given additional employee furloughs that increase uncertainty on the timing of production and unclear funding plans, the analyst added.
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