Roth MKM downgraded ESS Tech (GWH) to Neutral from Buy with a price target of $3, down from $17. The firm is concerned about the company’s financial outlook following the CEO’s departure and increased competitive threat of lithium-ion batteries. ESS did not provide a clear reason for the CEO departure, and there is risk that the resignation reflects challenges in the ramp up of its products, the analyst tells investors in a research note. Roth believes the risk is heightened by the continued decline in lithium-ion battery pricing and success lithium-ion technology is having in longer-duration applications.
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