Sono Group downgraded to Neutral from Overweight at Cantor Fitzgerald

Cantor Fitzgerald analyst Andres Sheppard downgraded Sono Group to Neutral from Overweight with a price target of $1, down from $3. The company announced that it has terminated the Sion Passenger Car Program to focus exclusively on its business-to-business solar business, which includes retrofitting solar technology onto third-party vehicles, the analyst tells investors in a research note. Upon cancellation, the Sion passenger vehicle program had 45,000 reservations and pre-orders, the firm points out. Cantor views the announcement as "disappointing since the Sion program was management’s core passion and business model." It cites the termination of the Sion Car Program, eliminating the possibility of a significant revenue stream and a "disruptive product" for the company, for the downgrade.