Piper downgrades Shift Technologies on going out of business concerns

Piper Sandler downgraded Shift Technologies to Neutral from Overweight with a price target of 23c, down from $9. Cars are becoming "unattainably expensive" and this won’t be remedied by easing supply chain issues or post-COVID deflation, the analyst tells investors in a research note. As such, the firm believes car sales are unlikely to revisit historical averages in coming years. The firm says Shift Technologies must address concerns that it could go out of business.