Wolfe Research Upgrades Lordstown Motors (RIDE) to Peerperform, 'the narrative has changed'
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(Updated - January 29, 2021 6:53 AM EST)
Wolfe Research analyst Rod Loche upgraded Lordstown Motors (NASDAQ: RIDE) from Underperform to Peerperform with a price target of $27.00 (from $14.00).
The analyst comments "We are upgrading RIDE to Peer Perform and raising our target price to $27 from $14. Our biggest concern, when we initiated, was that Lordstown’s business plan was highly dependent on the success of a single model—an Electric Pickup Truck that they planned to sell to the commercial fleet market. We thought that this would be challenging, based on our understanding of competitive product pipelines, competitors’ costs, and competitors’ pricing plans (we expect Ford and GM to launch highly competitive electric pickups)."
Shares of Lordstown Motors closed at $24.61 yesterday.
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