Hyzon Motors Inc (HYZN) PT Raised to $15 at Wedbush

Wedbush analyst Daniel Ives raised the price target on Hyzon Motors Inc (NASDAQ: HYZN) to $15.00 (from $10.00) while maintaining an Outperform rating.

The analyst commented, "We are starting to see a number of pilot projects globally (including in the US) and increased activity around the use of hydrogen for the long haul trucking industry and ultimately believe Hyzon is quickly establishing itself as the clear leader in this key market opportunity. While the hydrogen trucking opportunity will take some time to play out, we are getting increasingly confident about the growth and adoption potential for Hyzon over the coming years with diesel trucking conversion opportunities abound. As such, while maintaining our OUTPERFORM rating we are raising our price target from $10 to $15 (4x our FY23 revenue estimate, a fair multiple relative to its peers) reflecting this positive dynamic."

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