- Ideal Power Inc IPWR shares are down 20 percent since April 22, and have mostly remained below $8 since mid-July.
- Oppenheimer’s Colin Rusch initiated coverage of the company with an Outperform rating and a price target of $17.
- The company appears well positioned for steady and profitable growth for the next 5 to 7 years, Rusch mentioned.
Analyst Colin Rusch said that Ideal Power is an intellectual property play in energy storage and power management. He believes that the company is poised for steady and profitable for the next 5 to 7 years, given its industry-leading energy storage and microgrid products.
Ideal Power has developed a silicon based, bidirectional, insulated-gate bipolar transistor, or IGBT. This is now approaching commercialization, which has the power to “change the course of the company.” It could spell a significant leap forward in the IGBT market, which is estimated at $8 billion.
Ideal Power could gain share in almost any power management application, given the possible commercialization of its bi-directional silicon IGBT technology. Rusch expects the company’s addressable market to grow by about 10 percent annually for the next five years.
“We apply a 4x revenue multiple of 2019E revenue of $60M to reflect the company’s unique IP position and high growth opportunity,” the analyst wrote.
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