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Workhorse Group price target lowered to 25c from $3 at TD Cowen

TD Cowen analyst Jeff Osborne lowered the firm’s price target on Workhorse Group to 25c from $3 and keeps a Hold rating on the shares. The firm noted liquidity remains front of mind and revenue came in well below expectations after difficulties with the HVIP vouchers which delayed deliveries to end customers and stopped revenue from being recognized. Investors fear and assume further dilution before scaled commercialization is reached.

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