Electrovaya price target raised to C$2.50 from C$2 at Alliance Global Partners

Alliance Global Partners analyst Jeffrey Campbell raised the firm’s price target on Electrovaya to C$2.50 from C$2 and reiterated a Buy rating on the shares. Following the release of the company’s Q4 earnings results, which showed "increasing strength" in the base materials handling equipment, or MHE, business, the analyst believes Electrovaya has "turned a corner." Campbell added that he sees the expanded roofline supporting the company’s moves into markets beyond MHE that are already underway.