Needham Doubles Solid Power (SLDP) Price Target, Cites EV Battery Progress

Solid Power, Inc. (NASDAQ:SLDP) is one of the best battery tech stocks to buy right now. On August 7, Needham gave a Buy rating to Solid Power, Inc. (NASDAQ:SLDP). The firm also raised its price target for the stock from $2 to $4. Analyst Chris Pierce shared this update and explained the reasons behind the decision. He believes Solid Power is well-positioned within the solid-state battery industry, which could lead to future growth.

Needham Doubles Solid Power (SLDP) Price Target, Cites EV Battery Progress

A lithium battery recharging a fleet of electric vehicles in a parking lot.

According to Pierce, the company has made progress in its technology and has built important partnerships. In the past few months, Solid Power has taken important steps to move its technology forward. The company began shipping its first EV cells to automotive partners for testing. This is a key milestone that could help show how well the batteries work in real-world conditions. Solid Power also expanded its pilot production line to improve its ability to make more solid-state cells.

In addition to technical work, the company signed agreements with major carmakers, including BMW and Ford, to support battery development. These partnerships may help Solid Power gain more attention and resources. The company is also focused on improving safety and energy performance compared to traditional lithium-ion batteries.

Solid Power develops solid-state batteries, aiming to create safer, longer-lasting, and more energy-dense alternatives to lithium-ion batteries.

While we acknowledge the risk and potential of SLDP as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SLDP and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.