Goldman Sachs Downgrades Fisker (FSR) to Sell; Concerned About Late Time to Market
(Updated - April 22, 2021 5:43 AM EDT)
Goldman Sachs analyst Mark Delaney downgraded Fisker (NYSE: FSR) from Neutral to Sell with a price target of $10.00 (from $15.00).
The analyst comments "While we appreciate the steps that the company is taking to try to differentiate its upcoming products (such as a new ADAS platform, added range, and using recycled materials), we are incrementally concerned about what we believe is the company’s late time to market (the company is planning to enter the industry starting in 4Q22 with its Ocean SUV) as competition increases. Fisker also announced a plan for a unique follow-on vehicle with Foxconn that could enter the market around 4Q23, but by the time this vehicle may be ramping, the competitive landscape could be even more challenging (including the potential for new big tech entrants via partnerships)."
Shares of Fisker closed at $15.15 yesterday.
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