Investors were clearly charged by the latest news about energy storage company Eos Energy Systems (EOSE 8.60%) on Friday. On the back of an analyst's price target raise, Eos saw its share price improve handsomely by more than 8% that trading session. This was more than good enough to top the 0.5% increase of the bellwether S&P 500 (^GSPC 0.34%).
Well energized
Before market open, Stifel's Stephen Gengaro pulled the lever on that fair-value assessment bump. He raised his Eos price target to an even $10 per share, up from his previous $8.50. He maintained his buy recommendation on the shares.
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According to reports, Gengaro felt compelled to make the move following a visit to an Eos factory.
Based on this, he concluded that the company's assembly line -- which he believes is cutting-edge for the energy storage segment that it's a part of -- seems to be operating efficiently, and overall Eos is making progress building out the factory. The analyst also said that the company should be able to increase its capacity, and not coincidentally draw more revenue.
Bulls and bears
Gengaro isn't the only Eos tracker to bump his Eos price target higher. Earlier in September, Guggenheim's Joseph Osha did the same, increasing his level by 33% to $10 per share (the same as Gengaro's). Again, like his Stifel peer, Osha kept his buy recommendation intact.
