Canaccord Bullish On ESS Tech, Sees 20% Upside

Canaccord analyst Jed Dorsheimer initiated ESS Tech Inc (NYSE:GWH) with a Buy rating and a price target of $18.50, implying an upside of 20%.
Dorsheimer notes that the company provides an energy storage option other than lithium-ion.
The analyst believes energy storage is "crucial" for both renewable energy economics and energy resiliency.
ESS's flow battery technology solution is "differentiated" and provides economic benefits over lithium-ion for long-duration storage, says Dorsheimer.
Price Action: GWH shares are trading lower by 6.26% at $15.42 on the last check Tuesday.