01:55 PM EDT, 05/30/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our 12-month target to $1.50 from $3, based on an estimated 2025 P/E of 10x. We lower our 2024 EPS estimate to -$0.35 from -$0.25, while 2025 remains at $0.15. We lower our target to reflect concerns related to the ongoing delay in the filing of its annual report, which was initially scheduled for February 29 and later postponed until late April before being delayed. In a SEC filing, PSNY claimed the existence of certain errors in its 2021 and 2022 financial statements and said it would file Form 20-F as soon as practicable. PSNY stated that following the needed adjustments, it anticipated a decrease of less than 5% in its net loss for 2021 and an increase of less than 5% for 2022. Uncertainty related to the delay has caused a precipitous drop in PSNY shares, which are now trading below $1. While we remain more positive on PSNY than other EV names, we find the decline in its equity value concerning and think the company would be well-served to publish revised financials as soon as possible.