Solid Power reinstated with a Buy at Needham

Needham analyst Chris Pierce reinstated coverage of Solid Power with a Buy rating and $5 price target. The company is a "well-funded call option" on the future of solid state batteries in electric vehicles, the analyst tells investors in a research note. The firm says the potential advantages of solid state battery technology over current lithium-ion battery technology are "readily apparent," and it notes that Solid Power has partnerships and investments from Ford and BWM, car makers "at opposite ends of the consumer spectrum."