HYLN - Hylion shares dip on downgrade from JP Morgan

Hylion Holdings Corp. (NYSE:HYLN) shares headed south on Tuesday after JP Morgan analyst Bill Peterson downgraded the stock to a “Sell” equivalent. Peterson explained that growing competition for low-emission vehicles and uncertain prospects for market penetration in the trucking space are key motivators for the downgrade. Additionally, he indicated the company is particularly exposed to ongoing supply chain issues.  “We move to Underweight on HYLN based on what we think will be a challenging competitive environment for a later, small-scale entrant as fleet decarbonization takes place,” Peterson concluded. “To be clear, Hyliion’s relatively strong balance sheet could help in the near-term, especially compared to some peers in the broader low-emission / ZEV space. But, longer-term, we have some concerns on the long-term relevance of Hyliion's offerings and competitive position.” Shares of the Texas-based designer and developer of electrified powertrain solutions fell sharply in early pre-market trading before moderating losses to

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Hylion shares dip on downgrade from JP Morgan