RBC Capital Starts Lordstown Motors (RIDE) at Underperform

RBC Capital analyst Joseph Spak initiates coverage on Lordstown Motors (NASDAQ: RIDE) with an Underperform rating and a price target of $5.00.

The analyst commented, "We see some clear positives including saving on time/cost to production given its facility acquisition which allows RIDE to be among the first BEV startups to deliver vehicles. But, the fleet pickup market it is going after, while having attractive characteristics, is ultimately small and fiercely competitive. We also see risk from its hub motor tech choice. Our forecasts are significantly lower than management targets and consensus and see significant capital raises as necessary. NT, stock will be volatile and trade on sentiment, production milestones, orders and partnerships, but see downside to our $5 PT."

For an analyst ratings summary and ratings history on Lordstown Motors click here. For more ratings news on Lordstown Motors click here.

Shares of Lordstown Motors closed at $13.40 yesterday.

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