Zapp price target lowered to $3 from $7 at Maxim

Maxim lowered the firm’s price target on Zapp (ZAPP) to $3 from $7 and keeps a Buy rating on the shares. The company achieved its first revenue in the second half of FY from selling electric urban motorcycles, but the firm is also reducing its forecasts due to later initial sales and sales growth in Thailand, the analyst tells investors in a research note.