UPDATE: Tudor Pickering Starts Fisker (FSR) at Buy
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(Updated - September 23, 2021 8:36 AM EDT)
Tudor Pickering analyst Jeoffrey Lambujon initiates coverage on Fisker (NYSE: FSR) with a Buy rating and a price target of $19.00.
The analyst commented, "While current equity value at least partially reflects a market awaiting additional execution over the next ~15 months until Ocean deliveries begin, we believe the share price presents an interesting risk-reward. Examining industry comps for the Fisker Ocean SUV implies that the anticipated run-rate of >60k (TPHe ~65k) unit sales per year is achievable, supported by Fisker’s strategic cooperative with Magna that will utilize existing architecture and
infrastructure, which can solidify and grow Fisker’s market share over time as additional vehicles are launched and the auto industry continues its shift towards electrification."
Shares of Fisker closed at $13.66 yesterday.
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