Why XL Fleet Stock Charged Higher Today
Shares of XL Fleet (NYSE: XL) gained 9% today after BTIG initiated coverage of the stock with a buy rating alongside a price target of $30. The company closed its merger with special-purpose acquisition company (SPAC) Pivotal last month.
Analyst Gregory Lewis believes that XL Fleet, which electrifies fleets of commercial vehicles, is positioned as a leader in the market and will benefit from rising demand from fleet owners looking to upgrade their vehicles. While many automakers are starting to increase production of electric vehicles (EVs), those efforts will take a long time and there are many commercial fleet owners interested in electrifying their existing fleets.
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Source Fool.com
