Pioneer Power initiated with a Buy at Lake Street

Lake Street initiated coverage of Pioneer Power with a Buy rating and $12 price target. Pioneer Power hit its stride this year with 60% top line growth and reaching profitability, including its blockbuster Q3 in which revenue nearly doubled and operating margins reached 7.7%, the analyst tells investors in a research note. The company should see a long duration of growth, and revenue can grow at a 25% CAGR over the next several years, the firm contends.