Chardan late Friday double downgraded Energy Vault to Sell from Buy with a price target of 75c, down from $7. The analyst expects Street estimates to decline 65% in the coming weeks ahead of a proposed analyst day next month. Following Energy Vault’s quarterly report, “substantial confusion permeates sell-side estimates,” the analyst tells investors in a research note. The firm thinks many covering analysts will reduce Q1 estimates and substantially lower 2024 outlooks, which could result in an inverted revenue trajectory for this year.
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Read More on NRGV:
- Energy Vault downgraded to Sell from Buy at Chardan
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- Energy Vault appoints Michael Beer as Chief Financial Officer
- Energy Vault price target lowered to $1.50 from $1.70 at Goldman Sachs
- Energy Vault sees Q1 revenue in line with prior Q1, consensus $95.43M