Maxim Group analyst Tate Sullivan maintained a Buy rating on Beam Global yesterday and set a price target of $4.00.
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Tate Sullivan’s rating is based on Beam Global’s promising financial outlook and strategic focus on expanding into international markets and non-government U.S. entities. Despite a year-over-year decline in revenue due to reduced federal sales, the company reported a quarter-over-quarter revenue increase, indicating a positive trend. Additionally, Beam Global’s gross profit margin exceeded expectations, driven by improved assembly efficiency and strategic price increases.
Furthermore, the company’s shift towards international markets is expected to drive significant growth, with a projected 61.6% revenue increase in 2026. The anticipated rise in electric vehicle sales globally supports this optimistic outlook. Beam Global’s financial position, with manageable debt and plans for capital raises, along with a strategic focus on expanding product offerings, underpins the Buy rating and a price target of $4.00.
In another report released yesterday, Roth MKM also maintained a Buy rating on the stock with a $3.00 price target.