Electrovaya Inc. (NASDAQ:ELVA) is one of the most promising small-cap industrial stocks under $50.
On December 18, Oppenheimer analyst Colin Rusch initiated coverage of Electrovaya Inc. (NASDAQ:ELVA). The analyst assigned a bullish rating to the stock with a price target of $14, which gives an upside of almost 87% from the current level.
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Rusch based his outperform rating on the market position of Electrovaya Inc. (NASDAQ:ELVA). As a leading platform for battery technologies and systems, he highlighted the company’s intellectual property in design, manufacturing, and handling, centered on its proprietary Infinity Battery Platform. Not only does it create a powerful moat, but it also offers a solid foundation to the business for becoming a critical supplier of long-life lithium-ion battery systems for autonomous mobile robots. Rusch believes the company is in a strong position to scale its presence within an expanding electric materials handling space. These factors make him hold a highly optimistic view of the stock.
As of the December 22 closing, consensus ratings remain favorable toward Electrovaya Inc. (NASDAQ:ELVA). All 5 analysts covering the company assigned Buy ratings, resulting in a consensus 1-year average price target of $9.90. This results in an upside potential of 32% from the current level.
Electrovaya Inc. (NASDAQ:ELVA) is a manufacturer of lithium-ion batteries and battery management systems. Their offerings focus on preventing climate change and have various applications, including electric transportation, energy storage, warehousing, and heavy-duty electric vehicles. They leverage solid-state battery technology covering both low and high voltage systems.
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Disclosure: None. This article is originally published at Insider Monkey.
