0331 GMT - EVE Energy stands to benefit from its exposure to energy-storage systems, Nomura analysts say in a research report. They raise the stock's rating to buy from neutral and lift the target price to CNY45.00 from CNY38.00. The Chinese battery-cell maker doubled its ESS battery shipments in 2023, says the brokerage, which expects growth momentum to persist in 2024. Drivers include the Chinese government's policy support for battery-storage installations to improve renewable-energy utilization rates, the analysts say. EVE Energy should also benefit from rebound of its consumer-battery segment thanks to the likely restocking of the power-tool sector, the analysts add. Shares are 1.1% lower at CNY37.40. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
July 04, 2024 23:31 ET (03:31 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Comments