Citi starts Solid Power at Neutral on challenging commercialization path

Citi analyst P.J. Juvekar initiated coverage of Solid Power with a Neutral rating and $3 price target. Solid-state batteries, while promising, face a challenging path to commercialization by 2026, with potential for delays and technology risk, Juvekar tells investors in a research note. Longer term, there is no doubt that the Inflation Redaction Act bill will accelerate electric vehicle adoption in the U.S. and automakers will be keen to bring new technologies like solid state, says the analyst. However, given the "long road ahead," he starts Solid Power at Neutral.