ESS Tech price target lowered to $17 from $22.50 at Roth MKM

Roth MKM analyst Justin Clare lowered the firm’s price target on ESS Tech (GWH) to $17 from $22.50 and keeps a Buy rating on the shares. The company reported a Q3 earnings miss and lowered its target for 2024 revenue to $9 M-$11M due in part to customer financing delays, and the management expects to achieve a nearly 50% cost reduction for the EC by year-end, the analyst tells investors in a research note. Roth MKM adds that its reduced price target reflects a slower anticipated ramp of unit sales.