Roth Capital Reiterates Buy Rating on Aeva Technologies Inc. (AEVA)
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Roth Capital analyst Suji Desilva reiterated a Buy rating and $30.00 price target on Aeva Technologies Inc. (NYSE: AEVA) after the company filed an 8-K revealing CY20 disclosures that show increasing early-stage customer activity and geographic diversification.
The analyst stated "We are encouraged by the growth of prototype system and NRE revenue (CY20 revenue +250% y/y). Given the early stage of the company, we note that customer concentration in revenue remains high with three customers representing 86% of CY20 revenue and a single new customer growing to 65% that accounted for ~80% of the year- over year growth contribution. We expect greater diversification over time across AEVA’s 30 customer engagements and note that AEVA’s four series platform production MOUs alone provide ~50% revenue visibility into our CY25 revenue forecast. We are also encouraged to see initial Asia customer revenue in CY20, representing further geographic diversification giving us even greater confidence in AEVA’s revenue backlog and pipeline conversion opportunity. With reported pro forma cash of $~535.0m versus CY20 CFO of $(21.2m), we believe AEVA is well funded to execute its operating plan to
Shares of Aeva Technologies Inc. closed at $12.32 yesterday.
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