Eos Energy price target raised to $3 from $2.50 at TD Cowen

TD Cowen raised the firm’s price target on Eos Energy (EOSE) to $3 from $2.50 and keeps a Hold rating on the shares. The firm noted they announced that it has closed on its $303.5mn loan from the DOE. Cowen sees this as an important development for the company as the DOE loan is a lower cost of capital compared to Eos’s delayed draw term loan and revolver with Cerberus.