HYZN - Hyzon Motors is called a high-risk high-return stock by Canaccord Genuity

Canaccord Genuity starts off coverage on Hyzon Motors (NASDAQ:HYZN) with a Buy rating. The firm says Hyzon Motors (HYZN) is delivering hydrogen FCEVs today unlike some well-known competitors and notes the company's fuel cells have demonstrated industry-leading power density. Analyst Jed Dorsheimer: "We believe the risk/reward of Hyzon is not being valued properly at current levels, and thus see an opportunity for risk-tolerant investors. While scale remains a risk, HYZN’s capitalization should abate that some, and note the shares are currently trading at 3X its cash position." Canaccord's price target of $12 is based on applying a 5X EV/sales multiple to the 2023 revenue estimate. The 5X multiple is a 7.5% discount to the broader peer group, which the firm thinks is warranted given the limited commercialization and scale to date. Shares of HYZN are up 0.32% premarket to $6.25 and trade at the low end of the 52-week range

For further details see:

Hyzon Motors is called a high-risk, high-return stock by Canaccord Genuity