Roth Capital raised the firm’s price target on Electrovaya (ELVA) to $12 from $10 and keeps a Buy rating on the shares. The company posted Q2 results in line with estimates despite $1.4M in finished goods that the management was unable to deliver in the quarter due to supply chain issues, the analyst tells investors in a research note. Airline customers face greater near term uncertainty, crimping expectations for Electrovaya’s new airport equipment demand, but core customer forklift battery demand is tracking above prior expectations, the firm added.
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