Citi raises Energy Vault price target to $6 on strong backlog growth

Citi analyst Vikram Bagri raised his price target on Energy Vault Holdings Inc. (NYSE: NRGV) to $6.00 from $5.00, while maintaining a Buy rating on the stock.

The revision follows what Bagri described as a strong second quarter, with the updated model incorporating a roughly $550 million integrated 1.25GW power generation and storage order, with revenue recognition expected to begin in the fourth quarter of 2026.

Bagri's revised fiscal year 2027 revenue estimate stands at $691 million. The analyst noted that Energy Vault's backlog reached $2 billion as of August 10, with approximately $800 million expected to convert to revenue over the next 12 to 18 months. The backlog is projected to approach $3 billion by the end of the fourth quarter, comprising roughly $2.1 billion in Own & Operate projects and $900 million in Build & Transfer projects.

The analyst also noted that Energy Vault continues to engage with multiple hyperscalers regarding its Mesa del Sol site, with announcements expected in the second half of the year. Bagri added that third-quarter consensus revenue estimates appear elevated based on his revised second-half revenue mix assumptions.

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