Morgan Stanley Starts Fisker (FSR) at Overweight; 'Sleeper' EV Pick
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(Updated - February 12, 2021 8:12 AM EST)
Morgan Stanley analyst Adam Jonas initiates coverage on Fisker (NYSE: FSR) with a Overweight rating and a price target of $27.00.
The analyst commented, "FSR is a play on an all new, asset-light, design-centered EV business model that improves time to market and break-even points. In a very crowded EV startup field, we think FSR stands out as one of the more de-risked and strategically underpinned business models. We think investors underestimate that FSR's path to
commercialization is significantly aided by Magna, which has a mastery of bringing high quality vehicles to market on time, with high quality and good economics. At 6.2x2025 EV/EBITDA and 0.6x2025 EV/Sales at our PT, FSR is our EV 'sleeper pick.'"
Shares of Fisker closed at $15.64 yesterday.
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