Polestar price target lowered to $1.50 from $2 at Piper Sandler

Piper Sandler lowered the firm’s price target on Polestar to $1.50 from $2 and keeps a Neutral rating on the shares. The firm notes shares have rallied recently, as the company was able to regain compliance with Nasdaq listing standards and report Q2 earnings. Polestar expects the issues to have been resolved and that the company will return to a normalized financial reporting cadence. Piper is cutting its near-term estimates to reflect weak first half of 2024 sales volumes, as well as a potentially slower than anticipated ramp of Polestar 3 & 4 vehicles.