Maxim starts Zapp at Buy, sees significant sales ramp in FY25-26

As previously reported, Maxim initiated coverage of Zapp with a Buy rating and $7 price target The company has secured contract manufacturing agreements for its new electric motorcycle in India and Thailand, along with regulatory approvals for sales in the U.K. and Thailand, the analyst tells investors in a research note. The first sales of Zapp’s electric urban motorcycle are expected in the second half of FY24, with a significant ramp coming in FY25 and FY26, the firm added. Maxim is also positive on Zapp’s innovative performance, reliability, and safety features that will lead to sales in multiple countries that currently have mostly loud and polluting internal combusting engine motorcycles on city streets.