Electrovaya initiated with a Buy at Craig-Hallum

Craig-Hallum initiated coverage of Electrovaya with a Buy rating and $3 price target. Electrovaya "made a critical pivot" from the automotive space in 2017 and since then has proven out its proprietary battery technology with an increasingly diverse customer set, the analyst tells investors. The firm sees Electrovaya as "being on the cusp of going from an ‘under-the-radar’ electrification company to a well-known and meaningful player in the move to electrify broad mobility and other applications," the analyst added.