ESS Tech price target lowered to $2.50 from $3.50 at Roth Capital

Roth Capital analyst Justin Clare lowered the firm’s price target on ESS Tech (GWH) to $2.50 from $3.50 and keeps a Buy rating on the shares. The company reported weaker than expected results, with operating expenditures above Roth’s forecast, the analyst tells investors in a research note. The firm is also lowering its revenue for 2026-2027 to reflect the anticipated timing of project deliveries and uncertainty around revenue contribution from Salt River Project, Roth adds.