Proterra price target lowered to $5 from $10 at DA Davidson

DA Davidson lowered the firm’s price target on Proterra to $5 from $10 but keeps a Buy rating on the shares. While the stock is down over 70% since the announcement of a potential "going concern" clause several weeks back due to a technical debt default, the sell-off is far overdone as these types of defaults are typically resolved through the least-drastic means possible, the analyst tells investors in a research note. The firm added that "if and when" the debt-covenant concerns subside, Proterra is still an EV and battery company offering a diverse set of customers and likely two years or more of backlog on the books.