Roth Capital raises its Energous price target; FCC chair tweets confirmation

|About: Energous Corp. (WATT)|By:, SA News Editor

Roth Capital raises its Energous (NASDAQ:WATT) price target from $22.80 to $45.80 and maintains a Buy rating.

Energous share are up 8.6% premarket to $25.74. Shares are up 156% this week.

Previously: Energous skies 89% after winning FCC certification (Dec. 27)

Update with analyst comments: Roth analyst William Gibson cites the FCC certification as setting the stage for new WattUp tech with more power, functionality, and scale.

Gibson notes that the first products are expected to launch in Q1, and he expects the FCC approval process to speed up over time. 

The analyst says Energous needs more money with only $20.2M in cash as of Q3. Funds could arrive through strategic partnerships such as Dialog exercising its warrants.

Source: Bloomberg First Word. 

FCC confirmation: FCC Chairman Ajit Pai tweets about the approval with a link to Energous’ announcement press release.