H.C. Wainwright analyst Amit Dayal upgraded Beam Global to Buy from Neutral with a $30 price target. The upgrade is based on the "significant build up in backlog" that sets the company up to deliver over 100% revenue growth in 2023, Dayal tells investors in a research note. The analyst also expects meaningful margin improvements, supported by larger volumes of shipments and better capacity utilization. He also sees a "highly favorable" regulatory environment for Beam Global post the passage of the Inflation Reduction Act.
Published first on TheFly
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