Polestar Automotive downgraded to Underweight from Equal Weight at Barclays

Barclays analyst Dan Levy downgraded Polestar Automotive to Underweight from Equal Weight with a price target of $3, down from $5. The analyst cites demand challenges and dilution concerns for the downgrade. Polestar’s near-term is increasingly challenged amid weakened electric vehicle demand and tougher competition, the analyst tells investors in a research note. The firm says that while its new models can help, the company is “likely to remain niche.”