Deutsche Bank Initiates Coverage on Ener1 Inc. (HEV) with a Buy; Valuation is Compelling
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Deutsche Bank initiates coverage on Ener1 Inc. (NYSE: HEV) with a Buy. Price target $11.
Deutsche analyst says, "Ener1’s technology is highly regarded, it has a strong management team, and we expect it to have similar capacity to its primary US competitors (i.e., JCI, A123, LG Chem) through mid-decade. Most importantly, the company has contracts that should generate an annual run-rate of $150+ million by 2H 2010...Based on our analysis of automakers’ product disclosures, and discussions with global suppliers, we estimate the world’s automakers will introduce at least 120 hybrid, plug-in hybrid, and electric vehicle models onto the market by 2012, compared with 29 (mostly hybrid) vehicles on the market today, and 13 in 2008. Overall, we believe that by 2020, 17% of the global automobile market could be comprised of hybrids, plug-in hybrids, and fully electric vehicles, and we project a $66 bn market for the advanced lithium ion batteries that make these vehicles possible. We expect Ener1 will be an early-mover in lucrative EV/PHEV batteries."
To see more analyst ratings on ENER Click Here.
Energy Conversion Devices, Inc. engages in the design, manufacture, and sale of photovoltaic (PV) products.
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