Diego Thomazini
Amid souring sentiment and share price tumbles for SPAC stocks, Needham picked Fisker (NYSE:FSR) as one of the names that should get a second look from investors.
Needham said it sees tangible upcoming catalysts for the stock. Those catalysts include an analyst onsite factory tour on November 10, executive meetings and test drives at Magna’s facilities in Austria, the November 17 start date for production of the Ocean, the beginning of initial deliveries in Q4, sequential acceleration in net reservation growth as media coverage picks up, and the potential increase in production capacity for the Ocean at Magna’s facilities.
“Along with FSR’s low-priced (<$30k MSRP) PEAR model, which is expected to start production in ’24, we think FSR could produce more EVs than RIVN over the next several years.”
Needham has a Buy rating on Fisker (FSR) and price target of $12.
Shares of Fisker (FSR) drifted to a new low of $6.75 in early trading on Tuesday and were off 2.78% at 10:10. a.m
Image and article originally from seekingalpha.com. Read the original article here.