Morgans reports a strong rally from Novonix in the last month leading to the broker increasing the target price by 26%.
It is Morgans’ view that while the company looks promising, much of its future success is already reflected in the share price and the rating is therefore downgraded until further detail on the Samsung quality audit and gross margin expectations are confirmed.
The rating is downgraded to Hold from Speculative Buy and the target price increases to $5.68 from $4.49.
Sector: Materials.
Target price is $5.68.Current Price is $5.54. Difference: $0.14 – (brackets indicate current price is over target). If NVX meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
