EnerSys’ DOE announcement ‘fuels the future’, says Roth MKM

Roth MKM analyst Chip Moore keeps a Buy rating and $120 price target on EnerSys while noting that the company’s selection for a $199M award negotiation by the Department of Energy announced on Friday “fuels the future”. The company is well-positioned as a critical enabler of energy transition and looksto be uniquely suited to meet complex and evolving power challenges for customers, the analyst tells investors in a research note. Roth MKM adds that it expects innovation around secular trends of electrification, automation and digitization to drive future growth toward EnerSys management’s 8%-10% goal.