Yesterday MDB Capital downgraded EnerDel (HEV) from Buy to Hold based on valuation.

Hat tip to Street Insider

MDB analyst says, “We believe that the company is continuing to build a solid pipeline of potential customers including the possible reemergence of Think Global. This pipeline (including Fisker Automotive) will likely provide the company with significant revenue growth beginning in the back half of calendar 2009. We are maintaining our earnings model for calendar 2010 with $77.5 million in revenues. With this revenue potential, we believe there is a high likelihood that the company could breakeven on a cash flow basis late in 2010. In addition, there is a reasonable chance that the company could receive Federal funding in the form of grants and low cost loans for further capacity expansion. As the current price is somewhat higher than our current target price of $6.00 we are changing our rating to Hold.”

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