Stem price target lowered to 60c from $1 at UBS

UBS analyst Jon Windham lowered the firm’s price target on Stem (STEM) to 60c from $1 and keeps a Buy rating on the shares post the Q3 report. The firm says Stem is pivoting its business away from hardware sales to a more software and services- oriented business model. It expects the impact will be significantly lower revenue, but potentially higher margin and less need for balance sheet funding.