Envela price target raised to $7 from $6 at Lake Street

Lake Street analyst Mark Argento raised the firm’s price target on Envela (ELA) to $7 from $6 and keeps a Buy rating on the shares after the company reported “strong” Q3 results. After “two strong back-to-back quarters,” the firm says it sees a solid new store opening cadence and continued commercial growth remaining favorable tailwinds into Q4 and FY25.