Opco downgrades Lightning eMotors on balance sheet uncertainty

Oppenheimer downgraded Lightning eMotors to Perform from Outperform without a price target. The company continues to work through an "especially challenging" backdrop while continuing to help pioneer the commercial electric vehicle market segment, which puts the stock in a "challenging position," the analyst tells investors in a research note. The firm says Lightning eMotors "faces several tricky challenges" with its convertible note and enhancing its balance sheet. It cites near-term uncertainty around the company’s balance sheet for the downgrade.