Davidson downgrades Shyft, says long-term outlook still bright

Shyft

06/04/2022 13:16

** D.A. Davidson cuts rating on specialty vehicle
manufacturer's shares  SHYF.O  to "neutral"
    ** Multiple weeks of closures at key Avon Lake facility in
mid-March likely made it tough for Shyft Group's core walk-in
van business - brokerage
    ** D.A. Davidson, which also cuts PT to $37 from $50, adds
SHYF has a multitude of opportunities once supply-chain issues
subside
    ** Company's shares down 2.9% in low volume premarket
    ** "We believe most of this is merely a bump in the road,
and the long-term outlook is still bright; we're just advising
near-term caution on earnings" - brokerage
    ** Avg rating of 5 analysts is "buy"; median PT $52 -
Refinitiv data
    ** As of last close, stock down ~30% this year

 (Reporting by Tiyashi Datta in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))