Proterra gains as BTIG starts coverage with 'buy' rating

Proterra

17/10/2022 14:55

** Shares of electric-bus maker Proterra Inc  PTRA.O  up 7%
at $4.86  
    ** BTIG initiates coverage with "buy" rating, PT of $7
    ** Brokerage bullish on PTRA following passage of Inflation
Reduction Act (IRA), expects co to ramp battery manufacturing
over the next two years
    ** IRA, a bill focused on promoting clean energy, passed in
August  urn:newsml:reuters.com:*:nL1N2ZK1H0
    ** Proterra well positioned to increase battery capacity to
meet robust demand, which will make it a diversified supplier to
the North American auto market, says BTIG  
    ** Three of six brokerages rate the stock "buy", two "hold"
and one "sell", their median PT is $8 - Refinitiv data
    ** Stock has fallen ~44% YTD, compared with a ~26% decline
in the Nasdaq Transport index  .IXTR 
 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com))