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Ascendiant Capital Initiates Energous At Buy

Ascendiant Capital Initiates Energous At Buy

In a report published Monday, analysts at Ascendiant Capital Markets initiated coverage of Energous Corp (NASDAQ: WATT) with a Buy rating and a price target of $13.

Energous is an "early stage, pre-revenue technology licensing company developing a potentially disruptive approach to wireless charging at a distance," the analysts said, while adding they believe that "wireless charging at a distance is fundamentally a game changing technology that has broad-based applications with a nearly immeasurable TAM."

Ascendiant Capital believes that Energous is the closest among its peers to commercializing its distant charging technology, which has the potential to have a significant impact on power consumption. Although there still are some regulatory obstacles to overcome, the company has been able to make notable progress in developing and demonstrating the efficacy of its WattUp solution.

"A Tier 1 OEM has signed a license and development agreement, which we believe validates the solution, reduces regulatory certification risks and accelerates time to market, further distancing WATT from competitors," the analysts stated.

Ascendiant Capital expects the WattUp solution to witness rapid adoption, once it is launched, given that the company is developing a strong ecosystem, comprising of everything from silicon to OEMs, for the product. Energous also has considerable time to market lead in its favor. The company has also bolstered its competitive edge with 125 pending patents.

Posted-In: Ascendiant Capital MarketsAnalyst Color Price Target Initiation Analyst Ratings Best of Benzinga


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