Hall of Fame Resort & Entertainment price target lowered to $8 from $12 at Maxim

Maxim lowered the firm’s price target on Hall of Fame Resort & Entertainment to $8 from $12 but keeps a Buy rating on the shares. The company’s initial 2024 guidance for revenue at $27M-$30M was below the “two-analyst consensus” of $33.8M, though the adjusted EBITDA loss in the $M-mid-teens was generally consistent with consensus of $18.6M, aided by flattish expenses, the analyst tells investors in a research note. Maxim adds that its reduced 2024 estimates conform to guidance, calling for a slower ramp of revenue and earnings.