Energy Vault price target lowered to $6 from $9 at Stifel

Stifel analyst Stephen Gengaro lowered the firm’s price target on Energy Vault to $6 from $9 and keeps a Buy rating on the shares. Near-term revenue is likely below the firm’s prior expectations and customer demand for shorter duration battery storage systems is likely to remain a drag on margins, said the firm as it reduced its forecasts. However, Stifel still believes Energy Vault remains well positioned for growth fueled by a strong backlog, healthy orders, and the growing global need for energy storage systems, the analyst added.