| 2020-11-25 05:58:13|
FSR 05:58 11/25 11/25/20
Fisker initiated with a Buy, $26 price target at Citi
Citi analyst Itay Michaeli initiated coverage of Fisker with a Buy rating and $26 price target. Fisker is an "asset-light premium" electric vehicle platform set to launch its first vehicle, the Fisker Ocean, in Q4 of 2022, Michaeli tells investors in a research note. The analyst believes the company is targeting the right segment of the market, SUVs, and price-points at $38,000 to $69,000 for its first car. He sees "significant upside potential" in Fisker's future entry into flex-leases. This could substantially expand the total addressable market from today's largely one-time transactional business to lifetime vehicle revenue, says Michaeli.