NeoVolta price target raised to $7.50 from $4.75 at Maxim

Maxim raised the firm’s price target on NeoVolta (NEOV) to $7.50 from $4.75 and keeps a Buy rating on the shares. The company reported mixed Q1 results, including revenue below forecasts, a higher gross profit margin and an in-line EBITDA loss, the analyst tells investors in a research note. NeoVolta is preparing to deliver larger orders based on Q1 results and previous contract announcements, specifically for a U.S. Department of Energy program in Puerto Rico, Maxim added, also noting that the growth in Tesla’s (TSLA) Powerwall energy storage system business suggests more opportunities for NeoVolta’s competing ESS product.