H.C. Wainwright lowered the firm’s price target on Electrovaya (ELVA) to $10 from $16 and keeps a Buy rating on the shares. The company’s revenue guidance for fiscal 2025 of $60M come in lower than expectations of $105M, the analyst tells investors in a research note. The firm believes Electrovaya has faced revenue delays in the second half of 2024 due to various factors including slow construction activity on the customer side.
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Read More on ELVA:
- Electrovaya Inc. Reports Positive Financial Growth and Expansion Plans
- Electrovaya’s Strong Fiscal Year 2024 Performance
- Electrovaya sees FY25 revenue to exceed $60M, consensus $76.5M
- Electrovaya gets 1st purchase order from Japan-based eqipment manufacturer
- Electrovaya reports FY24 revenue $44.6M, consensus $44.6M