Electrovaya initiated with a Buy at Roth MKM

Roth MKM analyst Craig Irwin initiated coverage of Electrovaya with a Buy rating and $8 price target. Electrovaya is a leading producer of heavy-duty lithium-ion batteries, with 40 products for electric forklift and industrial markets, the analyst tells investors in a research note. The firm says a new facility in Jamestown, New York, should enhance the company’s growth trajectory. It would be a buyer of the stock for Electrovaya’s accelerating growth and profit potential.