Northland downgraded Xos (XOS) to Market Perform from Outperform with a price target of $5, down from $9. Shares trade at a discount to the company’s peer group and the firm’s revised price target is driven by assigning the average multiple for the company’s peer group to its FY26 sales estimate, the analyst noted. Xos reported Q3 results earlier in the month, notes the analyst, who updated the firm’s FY24 outlook and provided forecast for FY25 and FY26.
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