Pioneer Power price target lowered to $9 from $12 at Lake Street

Lake Street analyst Robert Brown lowered the firm’s price target on Pioneer Power to $9 from $12 and keeps a Buy rating on the shares. The Q4 shortfall was disappointing and reflects customer-driven delays to two orders worth $4.3M in revenue, the analyst tells investors in a research note. The firm believes demand trends remain intact and backlog supports the new guidance, though the delay of the 10K filing will create an overhang.