UBS downgraded Fermi (FRMI) to Neutral from Buy with a price target of $6, down from $8. The firm cites the company’s management transition and a lack of clarity around the extension of milestones under the land lease with the Texas Tech University System for the downgrade. The CEO and CFO departures appear driven by the lack of a tenant lease signed to date and the board’s outlook under the status quo, the analyst tells investors in a research note. UBS believes Fermi’s transition “point to a lengthened timeline for revenue commencement.”
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