Electrovaya price target lowered to $9 from $10 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Electrovaya to $9 from $10 and keeps a Buy rating on the shares. A financial inflection at Electrovaya is clearly underway, though it was not shown in revenues below expectations due to customer driven deployment timing based in part on the opening of new distribution centers, the firm says. This inflection is evident in Electrovaya reporting its 6th consecutive quarter of positive EBITDA and gross margin of 35%, its highest level in many years despite the revenue shortfall, Craig-Hallum adds.