Wall Street Zen upgraded Eos Energy Enterprises (NASDAQ:EOSE) from a strong sell to a hold rating on Saturday. The upgrade follows the company’s first-quarter earnings report released on May 13. Eos reported a surprise profit of $0.12 per share, defying analyst expectations of a loss. Quarterly revenue reached $56.96 million, significantly exceeding consensus estimates.
Eos also announced the formation of Frontier Power USA, a joint venture with Cerberus to develop long-duration energy storage projects. This partnership and the strong quarterly performance have improved market sentiment. The broader analyst consensus for the stock remains a Hold rating. The average price target for Eos Energy is $10.93.