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Carbon Revolution Public Limited Company (NASDAQ:CREV) shot up 42% in morning trading on Tuesday after Craig-Hallum set an aggressive price target of $84 on the Buy-rated stock. The firm thinks that Carbon Revolution will lead the transition of auto manufacturers to carbon fiber wheels. Analyst Craig Stine noted that Carbon Revolution has already landed 18 OEM vehicle contracts across six OEMs. The firm is convinced the market oppotunity for CREV is huge.
Earlier in the week, Carbon Revolution CEO Jake Dingle discussed plans to expand production globally, including adding hundreds of thousands of units of annual production capacity of the company’s lightweight carbon fiber automotive wheels. Dingle said expansion and additional production facilities would be essential to fulfill growing demands for Carbon Revolution wheels. He cited the company’s $730M backlog and the increasing demand from electric vehicles, large pickups, SUVs and crossovers.
“We’re getting ourselves prepared for a facility that will be in North America, quite possibly Mexico, that can service our North American customers and customers in other parts of the world,” he told Automotive News.
Shares of CREV were up 66% earlier in the session to as high as $44.02. The 52-week high is $197.99.
