ESS Inc. (GWH) PT Raised to $9 at Deutsche Bank

Deutsche Bank analyst Corinne Blanchard raised the price target on ESS Inc. (NYSE: GWH) to $9.00 (from $0.90) while maintaining a Hold rating.

The analyst comments "ESS Tech. completed a 15-1 reverse split, bringing it back into compliance with NYSE rules. We have since adjusted our model, reducing the share count to ~11.9m from ~176m (~178m on a fully diluted basis). Our Price Target is now $9/sh, based on a blended approach using 0.8x 2027 revenue multiple (vs 1x previously) and 9x 2027 EBITDA multiple (vs 10x prior), fair in our view vs peers. We believe those multiples are more aligned with the recent business update provided with 2Q results."

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