Why Fisker Stock Fell Again This Morning
Shares of electric car manufacturing hopeful Fisker (NYSE: FSR) tumbled 4.5% through 11:50 a.m. ET this morning, erasing much of the gains won on Monday after Fisker announced a deal to convert about $185 million of its half-billion-dollar debt load into equity -- lowering its interest costs in the process.
Investors liked that news, bidding Fisker stock up nearly 18% on Monday. They're less happy with today's news, though: British banker just cut its price target on Fisker stock by 75%.
The news isn't quite as bad as that sounds. Barclays previously had a $4 price target on Fisker stock, you see -- and Fisker hasn't seen $4 prices on its shares since way back in November. Cutting Fisker shares to a $1 price target, Barclays was really just adjusting expectations to something a bit more reasonable, and more attainable, for this now penny stock to shoot for.
Source Fool.com
