HYLN - Lordstown Motors slides after bull case dented

R. F. Lafferty drops Lordstown Motors ([[RIDE]] -11.9%) to a Hold rating from Buy and slashes its price target dramatically to $9 from $35. Analyst Guy Ortmann fires off the reset after hearing Lordstown's update on limited production this year and higher operating expenses. "With EV industry-wide supply chain constraints in critical components such as batteries and cells, we expect further production delays heading the second half of 2022, which will negatively impact deliveries," he writes. Ortmann and team slash RIDE estimates for 2021-2022 and factor in a potential capital raise. The new price target is based on 2022 estimated revenue of $525M and a price-to-sales target multiple of 3.0X. The electric vehicle sector is not seeing any huge jolts following the Lordstown Motors report. HyreCar ([[HYRE]] -7.2%), Canoo ([[GOEV]] -1.7%) and Hyliion Holdings ([[HYLN]] -2.9%) are the notable decliners.RIDE is down 52% YTD.Earlier today, Morgan Stanley doubled down on its

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Lordstown Motors slides after bull case dented