Energous upgraded to Buy on recent selloff at Ladenburg

Ladenburg upgraded Energous to Buy from Neutral with an unchanged price target of $2 post the Q1 report. Though the company’s revenue was again disappointing, the new management team again pointed to the ongoing growth in the number of active proof-of-concept programs across multiple markets, the analyst tells investors in a research note. In addition, management said recent expense cuts should bring the quarterly cash burn down to about $1M per month, the firm notes. Ladenburg cites the recent share price decline for the upgrade.