BTIG downgraded Proterra to Neutral from Buy without a price target. The company announced it would file for voluntary Chapter 11 bankruptcy as market and macroeconomic headwinds have been constraints to scaling production efforts, the analyst tells investors in a research note. At a minimum, the firm expects the capacity buildout at Greer and scaling up of battery manufacturing to be put on hold for now as the near term priority shifts to rightsizing the financial position. It expects the bankruptcy to put further pressure on the stock.
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