Struggling electric truck manufacturer Lordstown Motors Corp. (NASDAQ:RIDE) recently announced its decision to sell its Ohio plant to Taiwanese contract manufacturer Hon Hai Precision Industry Co., Ltd. (OTC:HNHPF).
The Lordstown Analyst: Morgan Stanley analyst Adam Jonas downgraded Lordstown shares from Equal-weight to Underweight and reduced the price target from $8 to $2, suggesting about 66% downside from current levels.
Jonas lowered the bear case valuation is lowered to zero in the event the Foxconn deal falls through, and said there is no other source for securing capital to remain as a going concern.
