UPDATE: JPMorgan Starts QuantumScape (QS) at Neutral
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JPMorgan analyst Jose Asumendi initiates coverage on QuantumScape (NYSE: QS) with a Neutral rating and a price target of $35.00.
The analyst comments "QuantumScape (backed by VW Group) is developing solid-state battery prototypes for the automotive sector and is expected to play a vital role in the development of global solid-state battery (SSB) technology as well as VW's internal battery strategy. We initiate with a June-23 PT of $35 and Neutral rating, after considering the risks associated with successfully developing a commercially viable solid-state battery cell against the upside of QuantumScape potentially disrupting the electric battery market and accelerating mass adoption of electric vehicles."
Shares of QuantumScape closed at $23.57 yesterday.
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