Maxim analyst Tate Sullivan initiated coverage on Worksport Ltd (NASDAQ:WKSP) with a Buy rating and $8.00 price target, implying a 99% upside.
- The analyst is positive about the company selling new charging products for electric trucks, has started taking pre-orders for a new truck cover product that combines solar panels with batteries.
- Sullivan estimated that selling products in a larger energy storage market will help Worksport grow revenue to $110 million in 2024 from $4 million in 2022.
- He noted that the stock trades at 14-times his 2022 revenue target vs. 18-times multiple for its peer group.
- Price Action: WKSP shares are trading higher by 4.4% at $4.03 on the last check Monday.