Oppenheimer Starts Aeva Technologies Inc. (AEVA) at Outperform
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Oppenheimer analyst Colin Rusch initiates coverage on Aeva Technologies Inc. (NYSE: AEVA) with a Outperform rating and a price target of $20.00.
The analyst commented, "We are initiating coverage of Aeva (AEVA) with an Outperform rating and $20 price target. A leader in Frequency-Modulated Continuous Wave (FMCW) lidar technology, we believe AEVA is in position to potentially leapfrog lidar competitors in offering both real-time distance measurement as well as velocity vs. leading competitors who are only offering real-time distance measurement. Also given the company’s elegant system design, we believe there's potential for this technology to see cost declines sufficient to open up numerous additional markets, notably consumer electronics. Following its SPAC raise, we believe AEVA has sufficient capital to fund its growth and deliver positive EBITDA and cash flow generation by 2024. Our $20 PT assumes an 8.3x multiple on 2025E revenue of $800M, discounted three years at 10%."
Shares of Aeva Technologies Inc. closed at $14.05 yesterday.
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