In a report released today, Scott Buck from H.C. Wainwright maintained a Buy rating on Worksport (WKSP – Research Report), with a price target of $11.50.
Scott Buck’s rating is based on the significant growth in Worksport’s dealer network and the resulting increase in product sales. The company reported a substantial rise in active dealers, which has driven a notable acceleration in B2B sales, particularly for its AL4 tonneau cover. Despite a decline in WKSP shares, largely due to macroeconomic concerns, the company’s domestic manufacturing and sourcing strategy minimizes tariff impacts, positioning it as a strong alternative to competitors.
Additionally, Worksport’s revenue projections for 2025 indicate a substantial increase from 2024 levels, supported by new product launches and improved distribution channels. The valuation of WKSP shares reflects a significant upside potential, with a price target of $11.50, suggesting a 350% increase from recent trading levels. As the company continues to execute its strategic initiatives, there is potential for multiple expansion and a clearer path to profitability, making it an attractive investment opportunity.
Buck covers the Technology sector, focusing on stocks such as Lightpath Technologies, Usio, and Veritone. According to TipRanks, Buck has an average return of -25.1% and a 21.66% success rate on recommended stocks.