Needham & Company Starts Beam Global (BEEM) at Hold
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Needham & Company analyst Vikram Bagri initiates coverage on Beam Global (NASDAQ: BEEM) with a Hold rating.
The analyst commented, "We initiate coverage of BEEM with a hold rating. BEEM has a patent-protected portfolio of rapidly deployable, solar-powered charging solutions that require no permitting, digging or trenching. While we believe the grid-tied chargers will make up the majority of EV charging infrastructure, we still expect BEEM products to succeed as grid availability becomes scarce, parking lots ideal for traditional charging infrastructure become harder to find, and charging demand in densely populated cities climbs. Until then, given the upfront cost of these products, we expect mostly price-agnostic customers such as state, federal, and local governments will be the largest buyers of the product. Longer term, we believe BEEM's marketing business could also be a major contributor of cash."
Shares of Beam Global closed at $31.12 yesterday.
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