Envela price target raised to $18 from $14 at B. Riley

B. Riley raised the firm’s price target on Envela (ELA) to $18 from $14 and keeps a Buy rating on the shares. Envela’s Q4 sales and AEBITDA were well above estimates, with gross margin below expectations, the analyst tells investors in a research note. The company has considerable potential to scale through M&A and the acquisition of Avail in 2021 and subsequent integration have prepared Envela to complete larger acquisitions, the firm says.