Craig-Hallum analyst Eric Stine lowered the firm’s price target on Carbon Revolution to $39 from $84 and keeps a Buy rating on the shares. The firm notes Carbon Revolution’s mixed first half-FY24 results were a microcosm of its current reality. Illustrating a strong commercial environment, the company’s revenue was ahead of expectations, but its EBITDA/EPS were below expectations from added costs related to its Mega-line and $12.1M in transaction and NASDAQ listing costs, it guided Q3 down quarter-over-quarter, and its near-term liquidity is top of mind given modest unrestricted cash and options to rectify the situation in process.
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