Romeo Power Stock at $30 a Share? This Analyst Thinks It’s Possible

TipRanks2021-04-08

Shares of Romeo Power (RMO) made a sharp U-turn on Tuesday, surging by 60%. However, after today's 18% plunge, and as an indication of what a slog 2021 has been so far, the shares still sit 53% into ...

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This Analyst Thinks It’s Possible\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-08 09:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/romeo-power-stock-30-share-010247497.html><strong>TipRanks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Shares of Romeo Power (RMO) made a sharp U-turn on Tuesday, surging by 60%. However, after today's 18% plunge, and as an indication of what a slog 2021 has been so far, the shares still sit 53% into ...</p>\n\n<a href=\"https://finance.yahoo.com/news/romeo-power-stock-30-share-010247497.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"RMO","symbol_name":"Romeo Power, Inc.","start_time":0,"source_url":"https://finance.yahoo.com/news/romeo-power-stock-30-share-010247497.html","article_id":"2125083724","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/uqy1a8YLEYdYQHhaawUQZg--~B/aD00NTE7dz0xMDI0O2FwcGlkPXl0YWNoeW9u/https://s.yimg.com/uu/api/res/1.2/WBFcJol5AMh5NFcL40eGbA--~B/aD00NTE7dz0xMDI0O2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/tipranks_452/7b0bc0cbc86a8f3ebda1956bde5d8798"],"rights":{"source":"yahoofinance","url":"https://finance.yahoo.com/news/romeo-power-stock-30-share-010247497.html","rn_cache_url":null,"customStyle":"img, svg { display: none !important; }","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2125083724","pubTimestamp":1617843767,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Shares of Romeo Power (RMO) made a sharp U-turn on Tuesday, surging by 60%. However, after today's 1","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"RMO":"Romeo Power, Inc."},"translate_title":"Romeo Power股票30美元一股？这位分析师认为有可能","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"RMO":0.9},"content_text":"Shares of Romeo Power (RMO) made a sharp U-turn on Tuesday, surging by 60%. However, after today's 18% plunge, and as an indication of what a slog 2021 has been so far, the shares still sit 53% into the red on a year-to-date basis. That said, one Street analyst is confident the electric truck battery pack supplier has many more green days to look forward to.\nBTIG’s Gregory Lewis reiterated a Buy rating on RMO shares along with a $30 price target. The analyst, therefore, expects the stock to climb by another 187% over the coming months. (To watch Lewis’ track record, click here)\nRMO’s turnaround came after the company announced it has entered a long-term battery supply agreement with Paccar. Romeo will supply battery packs to the heavy-truck giant for its Peterbilt 579 (Class-8 truck) and 520 (Refuse Truck) battery-electric truck (BET) models, in a deal which will last through 2025. The deal targets the US and Canadian markets, and the first battery shipment is anticipated in 2022.\nLewis notes two of Paccar’s brands – the Peterbilt and the Kenworth - together account for roughly 30% of the US and Canada Class 8 truck market and take a ~20% cut of the medium-duty market.\nLewis is in no doubt as to the deal’s importance for Romeo for two specific reasons. For one, it brings a “world-class heavy-duty truck manufacturer into RMO's customer base.” Secondly, the agreement will lay to rest some of the worries regarding Romeo’s value proposition.\n“One of the biggest pushbacks around RMO's $500+M backlog has been its customers are largely new/start-up EV suppliers (this supply agreement changes that),” the analyst said. “The other key pushback on RMO has been the technology, in other words, any company can assemble a battery pack. And while that is true, the rubber looks to be meeting the road with this supply agreement in that not all battery technology nor battery packs are created equal.”\nEV platforms are particularly handy for refuse trucks due to their stop-start nature and silent engines. The Peterbilt 520 boasts a range of approximately 100-miles and charges in just 4-hours. As garbage trucks often end up traveling to their unloading destinations, Lewis notes that integrating an RMO battery “should boost that current range offering.”\nLewis is Romeo’s most prominent Street bull. The stock currently has a Hold consensus rating based on 2 Buys and 1 Hold and Sell, each. The average price target stands at $15.43 and suggests upside potential of ~48% in the year ahead. (See RMO stock analysis on TipRanks)\n\n\n\n\n\nTo find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.\nDisclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. 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