Evolv assumed with a Buy at Craig-Hallum

Craig-Hallum assumed coverage of Evolv with a Buy rating with a price target of $5.75, down from $8.50. With expectations now tempered following disappointing Q1 results and lowered FY24 guidance, the firm believes Evolve is well-positioned to capture share in the $20B+ weapons detection marketing, the analyst tells investors in a research note. The firm says Evolve has a strong balance sheet with ample liquidity with the company poised to recapture working capital builds in inventory over next few quarters.