Worksport price target lowered to $2.50 from $3 at Maxim

Maxim analyst Tate Sullivan lowered the firm’s price target on Worksport (WKSP) to $2.50 from $3 and keeps a Buy rating on the shares. The firm cites the company’s Q4 results with revenue in-line with the February preannouncement, but gross margin below the preannouncement and an EBITDA loss wider than estimates, the analyst tells investors in a research note. Maxim adds however that it remains positive on the stock as the company is continuing to sell truck bed covers and increasing sales of its new clean-energy products with improved margins, including a heat pump, a portable battery cover, and a solar panel truck bed cover.