H.C. Wainwright analyst Amit Dayal maintained a Buy rating on UQM Technologies Inc (NYSE: UQM) today and set a price target of $2.50. The company’s shares closed yesterday at $1.28.
Dayal wrote:
“We believe the company is at the cusp of migrating from pilot orders to meaningful commercial level sales with multiple customers. In line with this, we are raising our price target on UQM to $2.50, from $1.50 previously. Our upward price target revision is based on: (1) continued pace of strong YoY results, with company on track to grow revenues by over 70% in 2018; (2) available production capacity being doubled to prepare for ramp in orders; (3) improved operating leverage with investments in cost cutting and better asset utilization; and (4) a favorable adoption environment for electric propulsion systems.”
According to TipRanks.com, Dayal is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -9.8% and a 32.0% success rate. Dayal covers the Industrial Goods sector, focusing on stocks such as Ballard Power Systems, Capstone Turbine Corp, and Orion Energy Systems.
Currently, the analyst consensus on UQM Technologies Inc is a Moderate Buy with an average price target of $2.50.
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Based on UQM Technologies Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $2.47 million. In comparison, last year the company had a GAAP net loss of $543.4K.
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UQM Technologies, Inc. develops and manufactures power dense, electric motors, generators and power electronic controllers for the automotive, aerospace, military and industrial markets. It is developing products for the alternative-energy technologies sector, including propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles, under-the-hood power accessories and other vehicle auxiliary’s components. The company was founded on December 7, 1967 and is headquartered in Longmont, CO.
