This post was originally published on this site
Investing.com — Electric vehicle firm Fisker Inc (NYSE:FSR)’s stock jumped 2.3% on Tuesday after Credit Suisse initiated it with an outperform rating.
Fisker stock hit a high of $20.26 in the first hour of Tuesday trading and was trading around $19.52 in the early afternoon session.
“With electric vehicle (EV) uptake sharply inflecting and the market lacking sufficient model options, Fisker offers a compelling value proposition – sleek product at a high-volume price point,” said analyst Dan Levy.
Levy noted that even while legacy automakers transition to EVs, startups still have an opportunity to succeed in the rapidly developing industry.
“Leveraging a de-risked business strategy, Fisker can accelerate development speed and path to scaled production while also unlocking lower price points,” he added.
The analyst put a $32 price target on the stock.
Based on a TipRanks poll of five analysts in the past three months, three have a buy rating on the stock with two at hold. The average price target is $21.60.
