Analyst Tate Sullivan of Maxim Group reiterated a Buy rating on Worksport (WKSP – Research Report), with a price target of $9.00.
Tate Sullivan’s rating is based on Worksport’s promising financial outlook and strategic initiatives. The company has reiterated its guidance for significant revenue growth in 2025, projecting an increase of 194% to 306% year-over-year. This optimistic forecast is supported by the expansion of their product offerings, including the introduction of solar panel tonneau covers and portable batteries, which are expected to contribute to revenue by the fourth quarter of 2025.
Furthermore, Worksport has set ambitious targets for improving its gross profit margin, aiming for a range of 25% to 30% by late 2025, a substantial increase from the 10.7% reported in 2024. The company also anticipates achieving cash flow positivity in the second half of 2025, which is a positive indicator of financial health. These factors, combined with a strategic shift to manufacturing in the U.S. and a strong balance sheet, underpin Sullivan’s Buy rating and the $9 price target for Worksport’s stock.
In another report released on March 28, H.C. Wainwright also maintained a Buy rating on the stock with a $11.50 price target.