Oppenheimer analyst Noah Kaye maintained a Buy rating on Maxwell Technologies (MXWL) today and set a price target of $5. The company’s shares closed yesterday at $3.01.
Kaye noted:
“We recently hosted investor meetings with MXWL CFO David Lyle. MXWL has spent several years repositioning the business and product portfolio to target large-scale opportunities in energy storage. In our view, the company enters 2019 with potential to achieve several milestones that can drive long-term shareholder value, including (1) commercial partnership on dry battery electrode and (2) new auto design wins similar to the Volvo/Geely program. As we revise our estimates to reflect the High-Voltage segment divestiture, we see a FY19 base case of flattish organic sales and ongoing quarterly cash burn. Yet we believe that MXWL has meaningful catalysts this year to validate an IP growth story tied to vehicle electrification, and raise our valuation multiple accordingly, maintaining our rating.”
According to TipRanks.com, Kaye is a 4-star analyst with an average return of 3.7% and a 54.1% success rate. Kaye covers the Industrial Goods sector, focusing on stocks such as Rockwell Automation Inc, Caterpillar, and BorgWarner.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Maxwell Technologies with a $4.69 average price target.
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Based on Maxwell Technologies’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $9.72 million. In comparison, last year the company had a GAAP net loss of $8.75 million.
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Maxwell Technologies, Inc. engages in the development, manufacture, and marketing of energy storage and power delivery solutions. It operates through the following product lines: Ultracapacitors, High-Voltage Capacitors, and Radiation-Hardened Microelectronic Products.
