Needham & Company Reiterates a 'Buy' on UQM Technologies (UQM); Ready for the Coda Commercial Rollout

Needham & Company reiterates a 'Buy' on UQM Technologies (NYSE: UQM) price target of $4.00.

Analyst, Michael Lew, said, "The quarterly results were clearly uneventful. However, we expect sales to accelerate once primary customer Coda Automotive begins delivering electric vehicles (EVs) to customers this month. Other major programs such as Proterra and Audi seem to be progressing."

"Our $4 price target reflects a valuation metric of 1.9x our fiscal 2013 sales estimate of $67.8 million. In our view, there could be significant upside to our forecast given multiple initiatives could begin to commercialize over the next year."

For an analyst ratings summary and ratings history on UQM Technologies click here. For more ratings news on UQM Technologies click here.

Shares of UQM Technologies closed at $1.51 yesterday.

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