HYZN - Hyzon Motors falls after Canaccord Genuity turns cautious with downgrade to hold

Canaccord Genuity downgraded Hyzon Motors (NASDAQ:HYZN) to a Hold rating from Buy after noting lower visibility on the stock. The firm pointed out that the zero-emissions, hydrogen-powered commercial vehicle producer is seeing non-China-based sales ramp slower than expected and is incurring revenue recognition issues in domestic China sales. "China’s ASPs, and thus margins, are roughly half of those for Australia, Europe, and North America. Until pilots that are underway transition to fleet purchases, we expect Street expectations to continue to trend lower," warned analyst Jed Dorsheimer. Dorheimer also noted the the new guidance from Hyzon Motors (HYZN) for 300 to 400 FCEVs is about half of what the company guided for back in July 2021 and below the firm's previous estimate of 470 FCEVs. Canaccord Genuity assigned a price target of $6 to HYZN with the cash balance seen giving some support at that level until the non-China ramp begins.

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Hyzon Motors falls after Canaccord Genuity turns cautious with downgrade to hold