Vicinity Motor downgraded to Neutral from Buy at Alliance Global Partners

Alliance Global Partners analyst C. K. Poe Fratt downgraded Vicinity Motor to Neutral from Buy without a price target. The firm is “hopeful” that lenders will work with Vicinity to find an interim solution that allows enough time to secure alternative funding that preserves value for shareholders, but says the demand letters from the lenders “created a major disruption in operations and are potentially a signal that the lenders are taking a hard line stance.” The analyst cites the “substantial increase in uncertainty on the funding front” for the downgrade.