Why EV Stock Hyzon Motors Popped 18% Today
Shares of Hyzon Motors (NASDAQ: HYZN) rocketed Thursday morning and were up 18.4% as of 10:25 a.m. ET. The electric vehicle (EV) stock has languished since the manufacturer of fuel-cell commercial vehicles was attacked by a short-seller a couple of months ago. Under such circumstances, when an analyst turns bullish about Hyzon, the market is bound to react strongly.
This morning, Jed Dorsheimer at Canaccord Genuity initiated coverage of Hyzon Motors stock with a buy rating and a price target of $12 a share. The analyst believes Hyzon shares aren't fairly valued even though the company is already delivering hydrogen fuel-cell EVs, unlike rivals. It is targeting sales volumes of at least 600 vehicles in 2022, and expanding its footprint internationally.
Dorsheimer highlighted Hyzon Motors' "industry-leading power density," and believes the oil and gas industry could readily use its existing distribution network to deploy infrastructure and help speed up the pace of adoption of hydrogen fuel-cell EVs.
Source Fool.com
