Needham Starts Hyliion Holdings (HYLN) at Buy

(Updated - June 10, 2026 7:07 AM EDT)

Needham analyst Sean Sean Milligan initiates coverage on Hyliion Holdings (NYSE: HYLN) with a Buy rating and a price target of $9.00.

The analyst comments "We initiate HYLN at Buy with a $9.00 target. Over the NTM we expect HYLN to transition from development to commercialization of it's KARNO power module. KARNO is a linear generator platform that is expected to have best-in-class fuel flexibility, emissions, noise, siting requirement, electrical efficiency, and maintenance cycles - capabilities that could make it a disruptor within bring-your-own power endmarkets. Navy/ONR work funds near-term development and validates the multi-Core architecture behind the mutil-MW deployments. A debt-free ~$139MM balance sheet should fund the company through early commercialization without a forced raise with a number of catalysts through YE26. Near-term, our call rests on execution against milestones rather than financials; we size that risk directly in a scenario-weighted EV/Sales valuation."

For an analyst ratings summary and ratings history on Hyliion Holdings click here. For more ratings news on Hyliion Holdings click here.

Shares of Hyliion Holdings closed at $6.34 yesterday.

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