B.Riley FBR Thinks Ideal Power’s Stock is Going to Recover

By Austin Angelo

B.Riley FBR analyst Carter Driscoll maintained a Buy rating on Ideal Power (NASDAQ: IPWR) today and set a price target of $5. The company’s shares closed on Friday at $2.04, close to its 52-week low of $1.91.

Driscoll said:

“Some progress but waiting for NEXTracker. Ideal reported 3Q17 revenues of $0.4M and EPS of ($0.16) that were mostly inline with our and Street estimates. The company is shifting strategies as the stand-alone storage market is not developing quickly, despite changes to California’s SGIP program, recently redesigned to promote more energy storage adoption. The focus is now on the solar plus storage and microgrid markets where project activity is more robust and the economics are more compelling. Ideal believes that partner NEXTracker appears ready to roll out solar plus storage in 2018, a slight delay versus 4Q17 expectations. While we do not believe the company’s opportunity set is materially diminished, the timing of adoption is largely out of Ideal’s control. We reiterate our Buy rating and $5 PT.”

According to TipRanks.com, Driscoll is a 1-star analyst with an average return of -0.8% and a 38.7% success rate. Driscoll covers the Industrial Goods sector, focusing on stocks such as Ballard Power Systems, Amer Superconductor, and P10 Industries Inc.

Currently, the analyst consensus on Ideal Power is Strong Buy and the average price target is $3.75, representing an 83.8% upside.

In a report issued on November 9, Oppenheimer also assigned a Buy rating to the stock with a $4 price target.

The company has a one-year high of $4.98 and a one-year low of $1.91. Currently, Ideal Power has an average volume of 96.24K.

Based on the recent corporate insider activity of 14 insiders, corporate insider sentiment is neutral on the stock.

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Ideal Power, Inc. engages in the development of power converter solutions for photovoltaic generation, grid-storage and electrified vehicle charging. Its products include solar inverters, bi-directional battery, electric vehicle chargers, photovoltaic inverters and battery converters.