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2021-05-25
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Lordstown Motors Drops After Earnings Stoke Case for Skepticism
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The company’s report prompted analysts at Goldman Sachs and Morgan Stanley to cut their price targets.</p><p>Risks have increased in the wake of the company’s report, according to Goldman Sachs analyst Mark Delaney. He moved to the sidelines on Lordstown shares in April due in part to the additional risks of ramping up production and the increasingly competitive landscape, and both factors are occurring “in a more material way than we had expected.”</p><p>Among the threats was Ford Motor Co.’s announcement of plans for an electric model of its flagship F-150 pickup “at a very competitive price point,” Delaney said.</p><p>The results highlighted concern about Lordstown’s ability to meet its financial targets, Delaney said. The company increased its forecast for 2021 operating expenses, citing “Covid-related and industry-wide related issues” as it progresses toward its deadline for the start of production.</p><p>“We do need additional capital to execute on our plans,” Chief Executive Officer Steve Burns said in a statement, which forecast that liquidity would dwindle to $50 million to $75 million by year-end from $587 million as of March 31. “We believe we have several opportunities to raise capital in various forms and have begun those discussions.”</p><p>“I don’t think we’ve ever considered selling the company,” Burns told analysts in response to a question during the company’s earnings call on Monday. “But we are in discussions with a few strategics -- large strategic investors that of course would bring something a lot more than funding.”</p><p>Without outside capital, said Morgan Stanley analyst Adam Jonas, the company’s target for year-end gross cash balance could fall below the minimum needed to run the business at the scale he had anticipated. “While there is some glimmer of strategic value, we believe investors are exposed to outsized company and market risk,” he wrote.</p><p>Goldman Sachs cut its price target to $8 from $10, while Morgan Stanley trimmed its target to $8 from $12. Lordstown has two buy, two hold and three sell ratings with an average price target of $8.73, according to data compiled by Bloomberg.</p><p>The company is holding an event dubbed “Lordstown Week” at its Lordstown, Ohio facility during the week of June 21 that it says will showcase its plant, vehicle, technologies and strategy to investors and customers. Goldman’s Delaney expects the event could be a positive catalyst for the company.</p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Lordstown Motors Drops After Earnings Stoke Case for Skepticism</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLordstown Motors Drops After Earnings Stoke Case for Skepticism\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-25 22:09 GMT+8 <a href=https://finance.yahoo.com/news/lordstown-motors-drops-earnings-stoke-134304136.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Lordstown Motors Corp. shares tumbled after the electric-vehicle company cut its full-year production expectations for its Endurance pickup truck and said it will need outside capital....</p>\n\n<a href=\"https://finance.yahoo.com/news/lordstown-motors-drops-earnings-stoke-134304136.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/lordstown-motors-drops-earnings-stoke-134304136.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101609509","content_text":"(Bloomberg) -- Lordstown Motors Corp. shares tumbled after the electric-vehicle company cut its full-year production expectations for its Endurance pickup truck and said it will need outside capital.The stock fell as much as 19% in New York, on top of losing more than half its value this year through Monday’s close. The company’s report prompted analysts at Goldman Sachs and Morgan Stanley to cut their price targets.Risks have increased in the wake of the company’s report, according to Goldman Sachs analyst Mark Delaney. He moved to the sidelines on Lordstown shares in April due in part to the additional risks of ramping up production and the increasingly competitive landscape, and both factors are occurring “in a more material way than we had expected.”Among the threats was Ford Motor Co.’s announcement of plans for an electric model of its flagship F-150 pickup “at a very competitive price point,” Delaney said.The results highlighted concern about Lordstown’s ability to meet its financial targets, Delaney said. The company increased its forecast for 2021 operating expenses, citing “Covid-related and industry-wide related issues” as it progresses toward its deadline for the start of production.“We do need additional capital to execute on our plans,” Chief Executive Officer Steve Burns said in a statement, which forecast that liquidity would dwindle to $50 million to $75 million by year-end from $587 million as of March 31. “We believe we have several opportunities to raise capital in various forms and have begun those discussions.”“I don’t think we’ve ever considered selling the company,” Burns told analysts in response to a question during the company’s earnings call on Monday. “But we are in discussions with a few strategics -- large strategic investors that of course would bring something a lot more than funding.”Without outside capital, said Morgan Stanley analyst Adam Jonas, the company’s target for year-end gross cash balance could fall below the minimum needed to run the business at the scale he had anticipated. “While there is some glimmer of strategic value, we believe investors are exposed to outsized company and market risk,” he wrote.Goldman Sachs cut its price target to $8 from $10, while Morgan Stanley trimmed its target to $8 from $12. Lordstown has two buy, two hold and three sell ratings with an average price target of $8.73, according to data compiled by Bloomberg.The company is holding an event dubbed “Lordstown Week” at its Lordstown, Ohio facility during the week of June 21 that it says will showcase its plant, vehicle, technologies and strategy to investors and customers. Goldman’s Delaney expects the event could be a positive catalyst for the company.","news_type":1},"isVote":1,"tweetType":1,"viewCount":245,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/138490566"}
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