UPDATE: Stifel Starts Evolv Technologies Holdings Inc. (EVLV) at Buy (correction)

Stifel analyst Brad Reback initiates coverage on Evolv Technologies Holdings Inc. (NASDAQ: EVLV) with a Buy rating and a price target of $12.00.

The analyst comments "We are initiating coverage on Evolv Technologies Holdings, Inc. with a Buy rating and $12 target price, based on ~18X CY23 EV/Revenue ($91.8). Founded in 2013, Evolv offers a proprietary weapons detection system that combines powerful sensors with proven artificial intelligence, security ecosystem integrations, and comprehensive venue analytics to reliably detect threats meaningfully faster than traditional metal detectors, greatly improving customer experience and significantly reducing operating costs for the venue using the Evolv system. Looking forward, we believe the combination of a sizable TAM, ~$20B currently, with the opportunity for significant growth stemming from an expanding suite of solutions, macro trends emphasizing the need for enhanced physical security, as well as cutting edge technology that is displacing legacy security systems (i.e metal detectors), will allow Evolv to generate a ~100% top-line CAGR through FY23, while posting increased levels of profitability and expanding FCF over the coming years."

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