Fisker, Inc. (NYSE:FSR) shares are rallying on Thursday following a positive analyst action.
Needham analyst Vikram Bagri initiated coverage on Fisker’s shares with a Buy rating and a $12 price target, suggesting a roughly 30% upside from the current level.
The analyst’s positive view is due to Fisker’s electric SUVs offering “cutting-edge technology” at an affordable price. The company’s asset-light manufacturing model leverages contract manufacturers, potentially helping it to achieve a dominant position without significant capital outlays, he added.
The analyst noted, despite the positives, the stock is trading at a discount.
Among electric vehicle stocks, Needham on Tuesday also upgraded Tesla Inc. (NASDAQ:TSLA) shares from Underperform to Hold and initiated coverage on Rivian Automotive Inc. (NASDAQ:RIVN) and Lucid Group Inc. (NASDAQ:LCID).
Price Action: In premarket trading Thursday, Fisker shares were rising 1.41% to $9.36, according to Benzinga Pro data.
Photo: Courtesy of Fisker
