Uladzimir Zuyeu
Analysts at UBS downgraded EV charging solutions provider Wallbox (NYSE:WBX) to a "neutral" rating from "buy" after the company's recent lackluster execution of operations.
The ratings and research firm also cut its price target on WBX to $3 from $5.
Commenting on WBX's stock, UBS analysts said in a September 26 report, "We believe shares will be range bound until management can show more consistency between public messaging and execution. While we believe in the growth opportunity here, recent execution has left the company in a show-me state with investors."
"We view the coming quarters as critical for management to hit numbers and start regaining investors' confidence," they added.
UBS said it forecasts total revenue for WBX ~€480M for FY25 vs. consensus of ~€600M, staying "more cautious on top line" than the Street, and also expects revenue to grow at a 49% CAGR between 2022–25 vs. the Street's growth of 60%.
UBS expects WBX to reach breakeven adj EBITDA in 2025 vs. the Street in 2024.
WBX is -7.1% at $2.17. Stock has fallen 72.9% in the last 12 months.