ESS Inc. price target lowered to $3.50 from $9.00 at Loop Capital

Loop Capital lowered the firm’s price target on ESS Inc. (GWH) to $3.50 from $9.00 in “refreshing stale estimates” but also keeps a Buy rating on the shares. The stock surged after the announcement that Honeywell (HON) has acquired about 16.5 million shares to help commercialize the company’s long-duration iron flow battery product offering, and considering the clout and credibility Honeywell brings to the table, along with the extensive due diligence that Honeywell conducted in evaluating the investment, this is likely to be a “game-changer” regarding ESS’s prospects and likelihood of success, the analyst tells investors in a research note.