Eos Energy initiated with a Buy at Stifel

Stifel analyst Vincent Anderson initiated coverage of Eos Energy with a Buy rating and $11 price target. Eos has commercialized one of the most proven grid storage battery chemistries in the market, which is necessary for further renewables adoption given inherent limitations of lithium ion chemistry, Anderson tells investors in a research note. Importantly, the 2023 ramp up of its Z3 battery should "drastically reduce" unit costs, turning the corner to profitability even without the further 30% reduction from Inflation Reduction Act credits, says the analyst. He believes the market has taken an "overly pessimistic view toward the company’s near-term liquidity needs."