Fisker (FSR) Signs Deal with 'Lebron James' of Manufacturing, Offers 900% Upside to Bull Case
- Dow, S&P post worst week in months after hawkish Fed spooks investors
- Fed-fueled dollar rises as bears make for exits
- Adobe (ADBE) Edges Higher After Topping Q2 Estimates, Analysts Raise PT on 'Impressive' Performance
- Fed Statement Very Bullish for Tech Stocks, Focus on Cloud and Cyber Stocks - Wedbush
- You Fight Real Physical Inflation With Rate Hikes, Not Talk of Rate Hikes; Buy the Dip in Commodities, Gold Underpriced - Goldman Sachs
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
Morgan Stanley analyst Adam Jonas reiterated an Overweight rating and $40.00 price target on Fisker (NYSE: FSR) after the company signed a framework agreement with Foxconn for "Project PEAR" EV development. The manufacturing
will commence first in the US starting in 4Q23 with a targeted annual volume >250,000 units across multiple sites globally.
Fisker remains the firm's top-rated EV startup in the US.
"We see FSR’s growth trajectory as tied to the largest manufacturer in the world (Foxconn) who has ambitions of being a major force in the largest IoT market in the world (autonomous cars)," Jonas comments. "In our opinion, Magna and Foxconn are the Michael Jordan and Lebron James of contract manufacturing. And both of these titans have something in common: they’re betting on a little company with roughly 1/100th the market cap of Tesla to make it happen."
The stock is trading at the firm's $10 bear case right now and offers 800% upside to the $90 bull case.
Shares of Fisker closed at $9.95 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Today Marks the Second Largest Single Stock Options Expiration in History ($818B), Names to Watch: HLT, VLO, IBM, GM, GOOGL, CRM
- UPDATE: Piper Sandler Upgrades Biogen (BIIB) to Overweight on Proprietary Checks, Despite Prior Concerns
- NHTSA Checking 10 Deaths Involving Tesla (TSLA) Cars In Last 5 Years
Create E-mail Alert Related CategoriesAnalyst Comments, Hot Comments, Trader Talk
Related EntitiesMorgan Stanley, Tesla
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!