Analyst Chris Pierce from Needham reiterated a Buy rating on Solid Power and keeping the price target at $7.00.
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Chris Pierce has given his Buy rating due to a combination of factors that support a positive outlook for Solid Power. He highlights the company’s continued operational progress, including its strategic expansion in Korea to be closer to major battery industry players, which aligns with prior strategic communications. He also points to growing traction with automotive OEM partners, evidenced by BMW showcasing a vehicle utilizing Solid Power’s cell architecture, as reinforcing broader momentum in solid-state battery adoption.
Additionally, Pierce emphasizes the importance of a newly finalized three-way arrangement in which Samsung will serve as the cell designer and Solid Power will act as the electrolyte provider, validating and enabling the company’s asset-light business model. On the valuation front, his $7 price target is anchored in a 7.5x multiple of projected 2032 adjusted EBITDA, discounted to present, and assumes Solid Power captures approximately 4% of EV unit share with around $600 in revenue per vehicle. These strategic, commercial, and financial underpinnings together justify his continued Buy recommendation on the stock.