Dragonfly Energy initiated with a Buy at Alliance Global Partners

Alliance Global Partners analyst Jeff Grampp initiated coverage of Dragonfly Energy with a Buy rating and $1.75 price target. The supplier of lithium iron phosphate batteries targeting the RV, marine and off-grid markets, replacing incumbent lead-acid batteries has penetrated the largest RV OEMs, notes the analyst, who thinks revenue has bottomed and a return to growth in 2024 is expected after “a tough 2023 where RV shipments hit a decade-low.”