© Reuters. Fisker (FSR) trades down following price cut at Citi
By Michael Elkins
Shares of Fisker Inc (NYSE:) are trading down 5.64% near the end of the trading day on Monday after Citi adjusted its model and cut their price target on the stock to $21.00 (From 28.00).
Citi updated its model on the electric vehicle company considering the automaker’s 3Q actuals and latest data points, including the recent Ocean EV drive event in Europe and conversations with management.
Citi analysts wrote in a note, “Overall, despite macro challenges, we continue to like the risk/reward here on relative valuation, our favorable view of the Ocean’s future commercial success and the company’s asset-light model/speed-to-market.”
Citi will be observing the company’s next key datapoints, which includes the ramp up of the Ocean EV and continued market receptivity, which Citi expects will be favorable. Citi will also be looking out for potential licensing deals for the Ocean platform.
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