Hall of Fame Resort & Entertainment price target lowered to $35 from $66 at Maxim

Maxim analyst Michael Diana lowered the firm’s price target on Hall of Fame Resort & Entertainment to $35 from $66 and keeps a Buy rating on the shares. The company showed material progress in Q4 in all three legs of its strategy – themed destination assets, media, and gaming – and its management has also been very active in building out the media and gaming verticals, the analyst tells investors in a research note. The firm adds however that because of COVID-19 and supply chain issues, Hall of Fame Resort & Entertainment’s revenue ramp has been slower than expected, driving its price target cut.