Share in Aston Martin Lagonda Global Holdings PLC (LSE:AML) fell 5% after it raised £210 million in debt and equity, giving it an estimated £500 million of liquidity to enact its turnaround strategy.
Unsurprisingly, there is a degree of caution around stock in the luxury car maker, which has issued two profit warnings in as many months.
Specifically, the scepticism appears to relate to the company's earnings targets. tweaked lower, and the delayed launch of its Valiant model, developed in collaboration with Formula One driver Fernando Alonso.
"We continue to think that, even with its brand new models and improved commercial strategy, these targets remain ambitious," said American investment bank Citi, reiterating its 'hold/high risk' recommendation and 132p share price target.
Peel Hunt, also a 'holder', added:" In our view, this ends the short-term liquidity needs debate for the company.
"While the company confirmed its ambition to reach £500 million in adjusted EBITDA in 2025, we remain below that guide and also would not expect consensus to move much from the £430 million level."
The stock was changing hands for 102.4p, down 5.5p.