Evolv price target raised to $5 from $2 at Stifel

Stifel analyst Brad Reback raised the firm’s price target on Evolv to $5 from $2 and keeps a Hold rating on the shares. The company reported “strong” top-line performance, which was largely driven by broad-based demand leading to strong new customer additions and revenue generating subscriptions, the analyst tells investors. Stifel believes a growing TAM, macro trends emphasizing enhanced physical security, and a modern technology solution should allow the company to generate solid future subscription sales growth, the firm says.