Roth MKM analyst Craig Irwin downgraded Blue Bird to Neutral from Buy with an unchanged price target of $48. The firm is “incrementally cautious” after channel checks indicated continued inefficiencies at the Environmental Protection Agency in dispersing electric school bus funding. The analyst is moving to the sidelines while waiting for improved growth visibility. Conversations with industry participants give low confidence that issues at EPA around funding disbursement will be resolved any time soon, the analyst tells investors in a research note.
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