MDB Capital Upgrades Ener1 (HEV) with a Buy
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MDB Capital upgrades Ener1 (Nasdaq: HEV) with a Buy. Price target $5.50.
MDB analyst says, "Since early January we have had a sell rating on the shares of Ener1. From that time the share price has fallen from the high $6 level and is now trading below $3. Now we believe that the company’s pipeline of potential customers including the possible reemergence of Think Global as a real customer later this year will likely provide the company with significant revenue growth beginning in the back half of calendar 2009. We are revising our earnings model and now anticipate revenues in 2009 of $41 million (roughly $28 million coming from Enertech) and $77.5 million in calendar 2010. With this revenue potential, we believe there is a high likelihood that the company could breakeven on a cash flow basis late in 2010 and as such deserves a higher valuation. In addition, there is a reasonable chance that the company could receive federal funding in the form of grants and low cost loans to aid in the financing of further capacity expansion.
To see more analyst ratings on HEV Click Here.
Ener1, Inc. (Ener1) has three business lines that it conducts through its three operating subsidiaries. EnerDel, Inc., an 80.5% owned subsidiary, which is 19.5% owned by Delphi Corporation, develops lithium ion (Li-ion) batteries for automotive, military and other industrial uses.
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