ESS Tech downgraded to Underperform from Neutral at Baird

Baird downgraded ESS Tech (GWH) to Underperform from Neutral with a price target of $9, down from $14. The firm says market conditions combined with slower than expected adoption leave it “incrementally negative” on the shares. ESS’s Q3 results missed estimates largely due to project delays, which pushed revenue out for another quarter, the analyst tells investors in a research note. Baird would look for signs of increased adoption and installations, combined with additional financing, before being buyers of the shares.