Electrovaya price target lowered to $4.50 from $5 at Alliance Global Partners

Alliance Global Partners lowered the firm’s price target on Electrovaya (ELVA) to $4.50 from $5 and keeps a Buy rating on the shares. The firm cites dilution from the $12.8M equity offering completed in December for target target cut. Alliance says that while Electrovaya’s fiscal Q1 financial results “were a touch weak,” it is not overly concerned since this is a seasonally slower quarter and the fiscal 2025 revenue guidance of at least $60M was reiterated.