Innoviz Technologies downgraded to Neutral from Overweight at Cantor Fitzgerald

Cantor Fitzgerald analyst Andres Sheppard downgraded Innoviz Technologies (INVZ) to Neutral from Overweight without a price target following the Q3 report. The firm cites lower revenue expectations, slower than expected ramp up in product shipments, and additional capital needs for the downgrade. While management believes the current liquidity is sufficient to fund the business over the next 12 months, there is still uncertainty around gross margins and cash burn for next year, and at this valuation, it could be challenging for the company to raise additional capital, the analyst tells investors in a research note.