Shift: Hits record low on bigger-than-expected loss, Wedbush downgrade

Shift Technologies

13/11/2020 15:40

** Online services company's  SFT.O  shares fall 26.2% to
$7.30; set to snap a three day winning streak
    ** SFT reports a bigger-than-expected Q3 loss on higher
costs
    ** Company adds it is investing in market expansion,
branding and marketing strategy and tools to drive efficiency 
 urn:newsml:reuters.com:*:nGNX1Fwf2S
    ** Wedbush says it disagrees with the company's decision to
accelerate marketing spending and use promotions to drive
demand, downgrading SFT to "underperform" from "outperform" 
    ** Brokerage trims PT to $7 from $15, which implies a
downside of 29% to stock's last close; median PT is $18
    ** Stock down 1.1% YTD, as of last close 

 (Reporting by Arundhati Sarkar in Bengaluru)
 ((Arundhati.Sarkar@thomsonreuters.com;
twitter.com/Arundhati_05; +1 646 223 8780 Ext: 2776))