Alliance Global Partners analyst Jeff Grampp initiated coverage of Electrovaya with a Buy rating and $5 price target. Electrovaya is a pure-play North American lithium-ion battery manufacturer, the analyst tells investors in a research note. The firm says the company has a proven track record of adjusted EBITDA profitability and a strong battery technology platform. Electrovaya is also moving towards establishing scaled U.S.-based battery manufacturing, which can be a meaningful catalyst for shares, contends Alliance Global. It finds the stock be attractively valued given the company’s growth opportunities, technology and history of adjusted EBITDA profitability.
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