Roth MKM lowered the firm’s price target on Workhorse Group (WKHS) to $2 from $12.50 and keeps a Neutral rating on the shares. The company reported difficult Q4 results on EV market headwinds and the firm is adjusting its assumed price to sales multiple to 0.8-times to reflect limited growth visibility, though it also sees the management taking the right actions by lowering expenses with a 60% reduction in headcount and $4.5M lower R&S spending, the analyst tells investors in a research note.
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