NeoVolta price target raised to $4.75 from $4.25 at Maxim

Maxim raised the firm’s price target on NeoVolta to $4.75 from $4.25 and keeps a Buy rating on the shares. The company reported a sequential increase in Q4 revenue and maintained a net cash balance of $1.0M ahead of more demand for energy storage systems, particularly in California, the analyst tells investors in a research note. NeoVolta also expects its revenue to “gradually increase going forward”, Maxim added.