Citi downgraded Gogoro (GGR) to Neutral from Buy with a price target of 50c, down from $2.30. Gogoro delivered disappointing Q3 results due to muted growth in E2Ws sales in Taiwan coupled with a decrease in selling prices due to the higher sales mix of entry-level models, the analyst tells investors in a research note. The firm believes the company’s fundamental weakness is largely priced in, but also thinks the share upside is limited.
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