01:40 PM EDT, 04/02/2024 (MT Newswires) -- Canoo ( GOEV ) has remained cost conscious amid concerns over its capital needs after the electric vehicles maker missed revenue expectations while beating consensus on the bottom line in Q4, Wedbush said in a report Tuesday.

"From a cost perspective, the company remains extremely cost conscious, lowering its overall R&D expense by 53% y/y while turning a corner to cautious expansion," Wedbush analysts, including Daniel Ives, said, adding that Canoo ( GOEV ) is also disciplined in its capital deployment approach by raising only the amounts of capital it needs for each milestone.

"We estimate the company needs to raise roughly $200 million to $250 million to navigate through this period and emerge in a stronger position into 2025 as this remains a key investor concern," the analysts said.

"We still remain positive in the long-term Canoo ( GOEV ) growth story, its key partnerships, and its supply chain strategy," they said.

Wedbush kept its outperform rating on Canoo ( GOEV ) while raising its price target to $5 from $4.

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