iSun price target lowered to $0.50 from $1.00 at Roth MKM

Roth MKM analyst Justin Clare lowered the firm’s price target on iSun to $0.50 from $1.00 but keeps a Buy rating on the shares. The company’s Q3 was a miss and the management also lowered its expectations for Q4 adjusted EBITDA due partly to a lower potential residential sales mix, the analyst tells investors in a research note. Valuation has been pressured by iSun’s convertible notes, but the company signed a term sheet for a non-dilutive $8M term loan expected to close near the end of November, and if the loan is secured, the company’s backlog could support further improvement in profitability in 2024, the firm added.