Fisker cuts 2023 production forecast as it struggles to ramp up deliveries
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Fisker (FSR) falls after 3Q miss, filed to delay 10-q filing
November 14, 2023 10:47 AM ESTShares of Fisker Inc. (NYSE: FSR) are trading down nearly 20% Tuesday morning after the electric automaker reported a 3Q earnings miss and announced a cut in production guidance.
Barclays reiterated their Underweight rating on Fisker, and cut their 12-month price target to $4.00 (From $5.00) following the difficult 3Q print.
Fisker reported 3Q revenues of $72M, missing the consensus estimate of $143M by nearly half. EBIT of -$100M also missed the consensus estimate of -$68mn. However, EBIT results were more in-line with Barclays estimate of -$93mn. EPS was reported at ($0.27), $0.05 below the consensus... More
