Innventure initiated with an Outperform at Northland on Accelsius opportunity

As previously reported, Northland analyst Nehal Chokshi initiated coverage of Innventure (INV) with an Outperform rating and $12 price target The firm estimates the 2 phase Direct Liquid Cooling market will begin to cannibalize the 1 phase Direct Liquid Cooling market in calendar year 2029 and notes that Accelsius is one of two stand-alone players providing a next gen 2-phase DLC solution for GenAI servers. The firm expects the 2PDLC market to be competitive, but for Innventure’s Accelsius to be able to garner some large data center customers that will drive Accelsius share sustainably in the 10% range, the analyst tells investors.