Westport price target lowered to $8 from $9 at RBC Capital

RBC Capital lowered the firm’s price target on Westport to $8 from $9 and keeps a Sector Perform rating on the shares. The company’s Q2 results came in better than expected, demonstrating continued progress with cost reduction efforts, operational efficiencies, and steps toward profitability, and while Westport was impacted by a key customer’s destocking efforts that resulted in lower sales volumes in the quarter, this is expected to normalize in the second half of the year, the analyst tells investors in a research note. RBC adds that it remains optimistic in Westport’s efforts to right-size the business for the current environment.