Needham & Company Reiterates a 'Buy' on UQM Technologies (UQM); CODA Automotive Delivers First Fleet Vehicle

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

Analyst, Michael Lew, said, "Primary customer CODA Automotive has delivered its first fleet vehicle to American Electric Power (NYSE: AEP). The electric vehicle (EV) is being used as part of demonstration project. We believe this could materialize into additional orders for the EV as AEP has about 3,000 to 4,000 passenger cars within its fleet of 10,000 vehicles. In our view, UQM should financially benefit as the supplier of electric motors to CODA, which is scaling up production of its high-performance electric vehicle. We believe the company is ‘sold out’ through July."

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 $1.17 yesterday.

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