H.C. Wainwright Adjusts Price Target on Soleno, Maintains Buy Rating

H.C. Wainwright has updated its valuation framework for Soleno Corporation (SLNO), reducing the firm’s price target to $8.50 per share from $11.00. The adjustment follows a reassessment of the company’s near-term product commercialization timeline and capital deployment strategy in the energy storage sector. Despite the downward revision, the analyst maintains a 'Buy' rating, underscoring confidence in Soleno’s underlying technology and long-term market positioning. The new price target represents a 23% decline from the prior target, reflecting updated projections for 2026 revenue, which are now forecasted to reach $120 million, down from an earlier estimate of $145 million. This revision accounts for delays in regulatory approvals for two key battery systems and a slowdown in pilot project rollouts across the U.S. Midwest and Northeast. Soleno’s market capitalization stands at approximately $1.4 billion as of March 2026, with SLNO trading at $7.20 per share. The company’s current valuation implies a forward price-to-sales ratio of 11.7x, slightly below the sector median of 13.2x for energy storage firms, suggesting potential undervaluation relative to peers despite the price target cut. The action is expected to have limited near-term market impact. Institutional investors continue to monitor Soleno’s progress in securing government grants and commercial partnerships, particularly with utility providers in California and Texas. The downgrade may prompt short-term trading volatility but does not alter the firm’s broader investment thesis.