ESS Tech price target lowered to $3 from $8 at Canaccord

Canaccord lowered the firm’s price target on ESS Tech (GWH) to $3 from $8 and keeps a Buy rating on the shares. The firm said delays continue to impact results and on the earnings call, management mentioned “the inability of one of our partners to fully secure funds to enable payments on their orders”. However, the firm continues to see growing signs of momentum and interest in the nascent market for long-duration energy storage as the world struggles to fulfill upcoming power needs.