Shares of Li-Cycle Holdings Corp. /zigman2/quotes/222591999/composite LICY -0.09% slipped 0.2% in premarket trading Monday, after the electric vehicle battery recycler received a bullish endorsement analyst Dan Ives at Wedbush. Ives initiated coverage of the company at outperform with a stock price target of $14, which is 59% above Friday's closing price of $8.80. "The company is a pure-play lithium-ion recycler as it breaks down battery waste to extract the precious materials lithium, nickel, and cobalt to cycle them back out into the supply chain," Ives wrote in a note to clients. "In the age of rapid battery expansion, Li-Cycle has primed itself to continue its dominance across the battery recycling sector, manufacturing battery waste into raw materials in an environmentally conscious and efficient manner while being in the sweet spot of a pending green tidal wave with battery recycling front and center." Ives said he doesn't believe the company will fully ramp its core business until 2023-2024, and sees a path toward profitability in 2026. The stock has slumped 15.1% year to date through Friday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.17% has advanced 18.0%.