UPDATE: Needham & Company Assumes Fisker (FSR) at Buy
- Nasdaq ends down as investors eye Black Friday sales, China infections
- Apple (AAPL) could see a $6B hole in FQ1 iPhone revenue due to Foxconn troubles - analyst
- Activision Blizzard (ATVI) slips on report FTC likely to oppose $69B Microsoft (MSFT) deal
- Manchester United (MANU) shares jump again on Saudi interest
- Bitcoin (BTC) price struggles to rebound as Binance launches $1 billion recovery fund
Needham & Company analyst Vikram Bagri assumes coverage on Fisker (NYSE: FSR) with a Buy rating, PT $12.
The analyst comments "We are initiating coverage on Fisker (FSR) with a Buy rating and $12 PT. FSR is entering the EV market with SUVs that feature cutting edge technology at an affordable price, which opens a vast opportunity set for the company. Moreover, FSR aims to achieve a dominant position without significant capital outlays through contract manufacturing agreements with the largest & most reputed companies. The Ocean, FSR's first SUV, will be assembled by Magna, who is the 4th largest supplier to automotive industry with experience building 3.7mm vehicles. This not only reduces execution risk and time to market but also means higher margins early on in the cycle. FSR's business model and skateboard design should allow it to launch more models sooner and gain market share. Despite these positive attributes, Fisker trades at a discount to its peers."
Shares of Fisker closed at $8.88 yesterday.
You May Also Be Interested In
- Coupa Software (COUP) stock extends gains as analysts see a potential deal price at $80+
- GoerTek Inc. (002241:CH) PT Lowered to RMB17.80 at Credit Suisse
- Bharat Electronics Ltd (BHE:IN) PT Raised to INR120 at BofA Securities
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Related EntitiesNeedham & Company
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!