Bank of America Initiates Coverage on $FSR ($31 PT), $GOEV ($6 PT) and $RIDE ($13 PT)
(Bloomberg) —

U.S. electric-car startups Fisker, Lordstown Motors and Canoo initiated at BofA, as analyst John Murphy said that it is “without question that the advent of electric vehicles has arrived.”

* Said that while EVs will likely be on a slow penetration curve globally over the next decade, it would still translate into significant volume growth in absolute terms, from a low base
* This is more of an opportunity for EV-centric automakers — such as FSR, RIDE, GOEV)– versus a risk (and opportunity) for traditional automakers, the analyst wrote in a note
* However, added that the competitive landscape among incumbents/entrants in the march toward electrification is becoming increasingly fierce, which is an under-appreciated risk for any EV maker
* Initiated FSR with buy, PT of $31, saying the company’s key competitive advantages are interesting product and its platform-sharing and contract-manufacturing agreements
* Initiated RIDE with neutral PT $13; sees RIDE’s underlying technology as less of a differentiating factor versus competitors, although its niche target market of trucks/vans/SUVs for fleet customers is logical
* Initiated GOEV with underperform, PT $6; noted that GOEV’s business model is increasingly in flux, with several significant pivots/changes just recently announced
https://www.reddit.com/r/StockMarket/comments/mupjoi/bank_of_america_initiates_coverage_on_fsr_31_pt/