Gorilla Technology price target raised to $39 from $38 at Alliance Global

Alliance Global analyst Brian Kinstlinger raised the firm’s price target on Gorilla Technology (GRRR) to $39 from $38 and keeps a Buy rating on the shares, after the company reported Q3 results. Based on business development trends and the pipeline, the firm expects abnormal growth over the next few years, the analyst tells investors in a research note. The firm added that its price target is based on an EV/EBITDA multiple of 10x adjusting for he substantial capital expenditure needs in mostly stock and some equity.