UPDATE: Morgan Stanley Downgrades Lordstown Motors (RIDE) to Underweight

October 4, 2021 5:27 PM EDT
Get Alerts RIDE Hot Sheet
Price: $4.99 -2.92%

Rating Summary:
    0 Buy, 2 Hold, 6 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 13 | Down: 13 | New: 72
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(Updated - October 4, 2021 6:22 PM EDT)

Morgan Stanley analyst Adam Jonas downgraded Lordstown Motors (NASDAQ: RIDE) from Equalweight to Underweight with a price target of $2.00 (from $8.00).

The analyst comments "Lordstown announced an agreement to sell its plant to Foxconn for $230mm, less than 1/5 of our prior plant value estimate. This, combined with our lowered forecasts (which assume the Endurance is not commercially viable), drives our price target to $2 and our rating to UW."

For an analyst ratings summary and ratings history on Lordstown Motors click here. For more ratings news on Lordstown Motors click here.

Shares of Lordstown Motors closed at $6.53 yesterday.

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