FSR stock is pulling back with the rest of the market in early trading on November 9, 2021, a day after Credit Suisse gave the company a bullish rating.
Fisker initiated with an Outperform at Credit Suisse
Credit Suisse analyst Dan Levy initiated coverage of Fisker with an Outperform rating and $32 price target in a research note titled “Right Time, Right Product, Right Path.” With electric vehicle uptake “sharply inflecting” and the market lacking sufficient model options, Fisker offers a compelling value proposition with a sleek product at a high-volume price point, Levy tells investors in a research note. The analyst says the company is “leveraging a de-risked business strategy” and can accelerate development speed and path to scaled production while also unlocking lower price points.
R.F. Lafferty boosts Fisker target to $21 on production progress
On November 4, 2021, R.F. Lafferty analyst Jaime Perez raised the firm’s price target on Fisker to $21 from $19 and keeps a Buy rating on the shares post the company’s Q3 results. As of November 2, the total reservation for the Fisker Ocean is 18,600 units, net of cancelations, and includes 1,400 fleet reservations, Perez tells investors in a research note. The company also announced a long-term battery supply agreement with CATL, which is expected to provide Fisker electric vehicles with an extended driving range while still keeping the vehicles affordable to the average consumer, says the analyst. Perez’s multiple assumptions increased to 18 times from 12 times enterprise value to EBITDA to reflect the company’s progress towards its production target.
Fisker says recruitment, start of production plans on target
On November 3, 2021, the company states that it is “affirming the expected timing plan for Fisker Ocean start-of-production. Recruitment remains brisk and at targeted pace, with headcount tripling to over 300 full-time employees as of November 2, 2021 from 101 as of December 31, 2020. Reservations are over 18,600 as of November 2, 2021 (net of cancellations), including 1,400 fleet reservations. App registrations are over 72,000. Growth in reservations, registrations, and registration conversions is expected to accelerate once detailed performance, specifications, and pricing are released, and planned marketing campaigns begin, at the upcoming L.A. Auto Show.”
FSR Stock Technical Analysis
The rising large players volume is bullish. Both the short term and long term trends are positive. This is a very positive sign. FSR is one of the better performing stocks in the Automobiles industry, it outperforms 73% of 26 stocks in the same industry. Although FSR has an excellent technical rating, it does not present a decent entry opportunity at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first. Click here to sign up for email alerts on when FSR stock is a good entry.