Ilika PLC (AIM:IKA, OTCQX:ILIKF) saw its target price raised by Panmure Liberum after the solid-state battery developer published annual results today.
Panmure Liberum said it was a year of considerable progress for Ilika including first customer shipments of Stereax [medical] batteries from its UK pilot manufacturing facility and achieving D4 design freeze and Li-ion energy density parity in its Goliath [auto] prototypes.
The broker added that though there was a quicker pull forward of some grant funding into 2024, prompting a decline in our forecasted grant revenue this year, the investment case is not based on short-term grant revenue phasing.
“Achieving a minimum viable product (MVP) in Goliath is in progress and on track for calendar 2025 and remains a significant catalyst.”
Buy with a new 70p TP (from 65p) says the broker.