H.C. Wainwright downgrades Loop Industries; stock slips

Loop Industries

29/12/2022 15:43

** Shares of clean technology company Loop Industries Inc
 LOOP.O  fall 4.3% to $2.40
    ** H.C. Wainwright downgrades stock to "neutral" from "buy"
    ** LOOP is vulnerable to near-term uncertainty around
commercialization created by sale of its Bécancour site,
departure of CFO, and plans to curtail operations at Terrebonne
facility - Brokerage
    ** H.C. Wainwright says it is removing its forward
projections and not placing any price target on the stock;
previous PT was $23
    ** Brokerage is uncertain about Loop's contribution in
project buildout deals with SK Geo Centric and Suez and the
partnership structure
    ** 3 of 4 brokerages rate LOOP "buy" or higher, 1 "hold";
median PT is $17.50 - Refinitiv 
    ** Shares of Loop down 80% YTD
 (Reporting by Khushi Singh)
 ((Khushi.Singh@thomsonreuters.com))