Lion Electric downgraded to Underperformer from Neutral at CIBC

CIBC downgraded Lion Electric to Underperformer from Neutral with a price target of 65c, down from $1.15. While arguing that Lion’s underlying strategy is “sound,” the firm sees a lack of visibility around the timing of an improvement in delivery rates, further impaired by the company’s liquidity position. The firm thinks that a pick-up in deliveries likely does not occur until 2025 and contends that “a step-function increase in deliveries is what will be required to get LEV‘s shares moving higher.”