Aeva Technologies Inc. (AEVA) PT Raised to $5.22 at Morgan Stanley
Morgan Stanley analyst Joseph Moore raised the price target on Aeva Technologies Inc. (NASDAQ: AEVA) to $5.22 (from $4.87) while maintaining a Equalweight rating.
The analyst comments "Thoughts on the stock: While it's taken a few years as a public company to get closer to the revenue inflection than initially anticipated we are impressed with the product execution, and a second major OEM win supports the notion that Aeva will be a major player in this market as it develops over the next few years. There's risks to the revenue trajectory, but at a sub 100mn EV with a clean balance sheet, technology that's clearly proving to be valuable in the space, and a credible path to 100mn+ in annual gross profit we think the stock can perform nicely from here following a sharp YTD decline. With our PT implying about 70% upside from current levels we have a positive bias, but recognize the wide range of outcomes and funding overhang. We make a small update to our current base case multiple range and PT, discounting Aeva's 2027 revenue to 2025 at 12%, and apply P/S multiple in line with a range of peers, our revenue estimate for 2027 is unchanged but our multiple range of 0.9- 4.1x comes up slightly to 1.1-4.3x. Moving our base case range up to 2.13-$8.32 (midpoint $5.22), we remain positive on the longer-term opportunity for FMCW LiDAR, but the speculative nature of the potential revenue streams keeps us EW."