Here's Why Fisker Stock Shot Up Today
Electric vehicle start-up Fisker (NYSE: FSR) hasn't yet sold a vehicle, and doesn't plan to begin production until November 2022. But a notable analyst with Morgan Stanley thinks the company's strategy is sound, and resumed coverage with the equivalent of a buy rating, reports StreetInsider.com. As a result, Fisker shares popped almost 30% at the start of Tuesday's market session. As of 10:25 a.m. EDT, shares remained up more than 20%.
Morgan Stanley analyst Adam Jonas told clients he has a $40 price target on Fisker, representing 166% upside versus Monday's closing price. In addition, due to Fisker's strategy to contract out the capital-intensive manufacturing process, Jonas has a bull-case scenario that he said could make the stock worth $90 per share.
Source Fool.com
