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UPDATE: Seaport Global Securities Starts Decarbonization Plus Acquisition Corp II (DCRN) at Buy

November 1, 2021 6:43 AM EDT
Get Alerts DCRN Hot Sheet
Price: $9.33 --0%

Rating Summary:
    4 Buy, 0 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 2 | Down: 23 | New: 24
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(Updated - November 1, 2021 6:43 AM EDT)

Seaport Global Securities analyst Tom Curran initiates coverage on Decarbonization Plus Acquisition Corp II (NASDAQ: DCRN) with a Buy rating and a price target of $17.00.

The analyst comments "We are initiating coverage of Decarbonization Plus Acquisition Corporation II (DCRN) with a Buy rating and $17 price target in anticipation of its merger with Tritium, the second largest provider of public DCFC (DC fast charging) solutions in the U.S. and Europe. The global-ex. China DCFC count rode a three-year CAGR of 44% to hit 78,000 in 2020 and should continue to soar, with forecasts that it’ll reach nearly 1.5 million in 2030 and over 5 million in 2040 by the IEA and BNEF, respectively. An early-moving pure play whose footprint already totals 5,250 units, Tritium has a proprietary charger design, which offers a total cost-of-ownership up to 37% lower than rival DCFC products, and IT advantages, inclusive of firmware, which bode well for its expanding suite of software services. We believe that Tritium can continue to expand revenue at a clip that outpaces the DCFC market’s growth rate and achieve an EBITDA trajectory close to management’s goal, as the company ramps new production capacity, shifts to its MSC-platform, and adds lucrative SLAs (service level agreements) and software subscriptions."

For an analyst ratings summary and ratings history on Decarbonization Plus Acquisition Corp II click here. For more ratings news on Decarbonization Plus Acquisition Corp II click here.

Shares of Decarbonization Plus Acquisition Corp II closed at $9.99 yesterday.


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