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Westpoint Innovations Inc. (NASDAQ: WPRT) had its rating lowered to Hold by Lake Street Capital Markets on Wednesday and its Price Target lowered from $45 to $20.
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Analyst Robert D. Brown wrote that his firm was “disappointed in the reduced outlook and delay in new program launches. Westport had made good strides recently in reducing costs and introducing next-generation products. The launch of key new programs (Volvo, Weichai-HPDI) now looks to be pushed out 12 months as HPDI 2.0 injectors are launched and incorporated into engine designs.”
Westpoint Innovations is a provider of alternative fueled engines focused on heavy- and medium-duty vehicles.
The company is dependent on partner relationships and has faced difficulty as a result of market weakness in Europe and Russia.
Brown believed “shares can recover as the company executes and demonstrates resumed revenue growth and new engine rollouts, which should happen later in 2015.”
Westpoint Innovations Inc. closed at $10.51 on Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.