Evolv price target lowered to $6 from $8 at Cantor Fitzgerald

Cantor Fitzgerald lowered the firm’s price target on Evolv to $6 from $8 and keeps an Overweight rating on the shares. Evolv’s Q1 print was weaker than expected, with annual recurring revenue missing by 1.3%, driven by Evolv deploying 377 new units, compared to the firm’s estimate of 520, the analyst tells investors in a research note. The firm says the elongated sales cycles will likely continue for the foreseeable future, meaning that Evolv will not reach its 7k+ year-end installed unit guidance nor its 12k+ year-end 2025 guidance. Cantor thinks the long-term thesis for Evolv deploying 50k+ units is unchanged and that regulatory investigations will amount to nothing meaningful.