Roth/MKM bullish on Hyzon Motors stock, cites 'significant adoption' in 24
Investing.com | Editor Emilio Ghigini
Published Mar 06, 2024 04:27AM ET
On Wednesday, Hyzon Motors Inc (NASDAQ:HYZN), a producer of heavy-duty fuel cell trucks, received a Buy rating from Roth/MKM on its stock, with a price target set at $1.60. The firm highlighted the company's leadership in integrating proprietary fuel cell stacks and anticipates that the production of a new 200 kW fuel cell stack will provide a significant boost to the company's adoption in the second half of 2024.
Roth/MKM pointed out that Hyzon Motors has successfully navigated past challenges, including a settlement with the SEC and the restatement of financials, which has effectively addressed prior issues and removed a significant overhang on the company. The firm expects that trading catalysts for Hyzon Motors will emerge in the form of technology milestones, customer confirmations, an increased delivery tempo, and the release of subsidy funding.
The analyst's optimistic outlook for Hyzon is based on the company's potential to lead in the heavy-duty fuel cell truck market. The upcoming production of the new 200 kW fuel cell stack is expected to be a key factor in driving the adoption of Hyzon's trucks.
In addition to the production ramp-up, the company's recent management changes and the resolution of past financial discrepancies are seen as positive steps that have positioned Hyzon for future growth. The analyst believes these developments will help clear the path for the company to capitalize on upcoming opportunities.
The market is expected to watch closely as Hyzon Motors works towards achieving the outlined technology milestones and increasing its delivery tempo. The release of subsidy funding is also anticipated to play a role in the company's performance, as it could potentially bolster Hyzon's financial position and support its growth initiatives.
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