UPDATE: BTIG Starts Electric Last Mile Solutions Inc. (ELMS) at Buy

July 26, 2021 4:27 PM EDT
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Price: $7.89 +3.27%

Rating Summary:
    5 Buy, 0 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 9 | Down: 10 | New: 35
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(Updated - July 27, 2021 7:55 AM EDT)

BTIG analyst Gregory Lewis initiates coverage on Electric Last Mile Solutions Inc. (NASDAQ: ELMS) with a Buy rating and a price target of $15.00.

The analyst commented, "Electric Last Mile Solutions (ELMS) completed its merger with Forum Merger Corporation III (FIII, Not Rated) in June. The merger included a $130M PIPE (private investment in public equity), which provided pro-forma cash of ~ $295M for management to position itself as an early mover in the electric vehicle (EV) commercial van market (Class 1-2 vehicles) with production expected to start ramping in 4Q21. ELMS is also expected to start producing its Urban Utility (Class 3) truck in late 2022 with the Company planning to take pre-orders for the truck this summer. Key to ELMS success will be 1) the successful re-tooling and start-up of its facility in Indiana (last produced cars in 2019), 2) its ability to leverage its strategic relationship with Wuling Motors (WLMTF, Not Rated), which is a Chinese based auto manufacturer and parts supplier with light-duty electric vans already on the road in Asia, and 3) its ability to deliver a cost-competitive battery electric vehicle (BEV) as it looks to carve out a slice of the roughly 500K annual US delivery van sales (ELMS is targeting ~35K vehicles in 2023). We initiate with a Buy rating and at $15 PT."

For an analyst ratings summary and ratings history on Electric Last Mile Solutions Inc. click here. For more ratings news on Electric Last Mile Solutions Inc. click here.

Shares of Electric Last Mile Solutions Inc. closed at $9.12 yesterday.

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