Canaccord hikes target price for electric drive specialist Saietta Group
Saietta Group
0.65p
17:30 25/03/24
Analysts at Canaccord Genuity hiked their target price for shares of electric drive solution specialist Saietta Group on the basis of the " continued high level of interest in the electrification of transport" and in anticipation of license sales announcements.
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They also hailed the accelerated growth of the business and the acquisition of core revenues streams via the strategic purchase of e-Traction.
Indeed, the company had delivered on several key strategic objectives, they said.
Those objectives included acquiring new technology, adding 34 staff specialised in electrified drive train solutions and launched a new product, Propel, its line of next-generation electric marine propulsion solutions.
It also noted that the group remained on track to ramp up UK-based production capacity, achieving 100,000 units per year by 2024 with a new and more efficient facility at Bicester.
The broker also noted that Saietta had yet to announce any license sales, which Canaccord expected would prove a key catalyst over the coming months.
The group announced roughly £800,000-worth of sales for the first half of 2022 for a gross profit of £437,000.
Canaccord raised its target price from 225.0p to 275.0p and reiterated its 'buy' recommendation for the shares.