The Globe and Mail reports in its Friday, Jan. 24, edition that Raymond James analyst Daniel Magder has commenced coverage on Electrovaya with a "strong buy" recommendation and a $4.50 (U.S.) share target, matching the consensus. The Globe's David Leeder writes in the Eye On Equities column that Mr. Magder says in a note: "When most of us think of lithium-ion batteries, what comes to mind is powertrains for electric vehicles, a massive but crowded market. Electrovaya is a different story. Its current focus is on the material handling electric vehicles (E-forklifts/aisle-trucks) market, a below-the-radar, moderate-volume application that avoids excessive commoditization. Electrovaya also has longer-term ambitions to commercialize solid-state battery technology, which should be looked at as option value."