Fisker shares surged 13% in premarket trading.
Morgan Stanley analyst Adam Jonas resumes coverage on Fisker (NYSE:FSR) with an Overweight rating and a price target of $40.00. The analyst sets a new $90 bull case.
The analyst comments "Among an ever increasing range of EV manufacturers, what attracts us to Fisker is the company's focused strategy on design and engineering and supply chain while leveraging the Magna-Steyr relationship in contract manufacturing to derisk the ramp, accelerate time to market and provide a path to scale and profitability. We believe Fisker is meant to display the power of what can happen when a clean-sheet approach leverages Magna's contract manufacturing. The shared/vested interest and Fisker's design and experience, combined with reasonable valuation underpins the Overweight."
Shares of Fisker closed at $14.46 yesterday.
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