Lake Street upgrades Evolv Technologies to Buy, raises PT to $9.

Lake Street upgrades Evolv Technologies to Buy, raises PT to $9.

Lake Street Capital Markets has upgraded its rating for Evolv Technologies Holdings Inc. (NASDAQ: EVLV) to "Buy" and raised its price target to $9.00, following the company's strong second-quarter results [1]. The security technology company reported better-than-expected revenue and adjusted EBITDA, with 56% of its annual recurring revenue (ARR) coming from existing customers [1].

Evolv Technologies has expanded its reach across various sectors, including education, healthcare, and sports & entertainment venues, and secured a new industrial contract with a Fortune 50 company [1]. The company also won a significant $15 million contract with Gwinnett County Public Schools, Georgia’s largest school district, to protect more than 180,000 students [1].

Lake Street Capital cited "strengthening tailwinds" for the business as justification for the rating upgrade and higher price target, raising its 2025 revenue and adjusted EBITDA forecasts for the company [1]. The stock has already delivered impressive returns, surging over 100% in the past year and currently trading near its 52-week high of $7.57 [1].

Cantor Fitzgerald also raised its price target on Evolv Technologies to $9.00 from $7.00 while maintaining an Overweight rating, citing strong quarterly performance [2]. The company reported total revenue of $32.5 million for the second quarter of 2025, representing 29% year-over-year growth, and exceeded consensus expectations by 5.3% [2].

Evolv Technologies is shifting its go-to-market strategy to focus on its direct fulfillment subscription model, which offers more attractive economics despite near-term pressure on gross margins [2]. The company anticipates becoming cash flow positive in the fourth quarter of 2025 [2].

References:
[1] https://ca.investing.com/news/analyst-ratings/evolv-technologies-stock-rating-upgraded-to-buy-by-lake-street-capital-93CH-4162526
[2] https://www.investing.com/news/analyst-ratings/cantor-fitzgerald-raises-evolv-technologies-stock-price-target-to-9-on-strong-growth-93CH-4195544