Stifel initiated coverage of Gauzy with a Buy rating and $18 price target. Gauzy is a provider of smart-glass solutions across several key industries, including auto, aerospace and architecture, and also provides advanced-driving solutions to the commercial transportation market, the analyst tells investors in a research note. The firm is modeling Gauzy to have positive adjusted EBITDA exiting fiscal 2024, and it expects continued positive operating leverage into fiscal 2025 on higher volumes and improving input costs. It views the stock’s valuation as “quite reasonable” given the company’s solid track record and growing backlog.