Amprius Technologies (AMPX) PT Raised to $16 at Cantor Fitzgerald

Cantor Fitzgerald analyst Derek Soderberg raised the price target on Amprius Technologies (NYSE: AMPX) to $16.00 (from $12.00) while maintaining a Overweight rating.

The analyst comments "Our thesis continues to improve on a consistent basis. Amprius is adding new technology validation points for its SiCore battery on a consistent basis (evidenced by a record $35M re-order secured in the quarter), and we're seeing signs that the U.S. Miliary is choosing AMPX as a key battery supplier for drones and other applications. In July, AMPX was awarded $10.5M to complete its Fremont, CA pilot line to initiate production of sample battery cells for the U.S. Military. Ultimately, validated cells produced in Fremont can then be mass-produced in NATO-friendly South Korea, where AMPX recently signed a contract manufacturing partnership. We like AMPX's highly salable SiCore battery technology coupled with the company's access to 1.8GW of manufacturing capacity (equating to over $1B in annual revenue potential). We reiterate our Overweight rating and raise our 12-month price target to $16 (from $12)."

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