Dragonfly Energy downgraded to Neutral from Buy at Alliance Global Partners

Alliance Global Partners downgraded Dragonfly Energy (DFLI) to Neutral from Buy with a price target of $1.50, down from $9. The firm, which updated estimates for the company’s increased cost of capital and expectations for continued adjusted EBITDA losses that it estimates will require additional funding, advises investors step to the sidelines pending an acceleration in growth and/or improved line-of-sight to adjusted EBITDA profitability.