Alliance Global downgraded Spire Global (SPIR) to Neutral from Buy with a price target of $9, down from $17, until there is more evidence of a recovery. Management expects to turn operating cash flow positive no later than Q4 of 2026, but the firm argues this would require 15% upside to its Q4 of 2025 revenue estimate and $36M of annual expense cuts from the most recent quarter, which it views as “unlikely,” the analyst tells investors.
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