Fisker Inc. (NYSE:FSR): Citigroup Maintains $21 Price Target
Analyst Coverage on Fisker
Itay Michaeli, an analyst at Citigroup (Rank #9), has a positive outlook on the future of Fisker, and reiterated their coverage with a 12 month target forecast of $21 per share, alongside a “Buy” rating. Citigroup believes the downtrodden stock will most likely climb substantially in value in the near future. Michaeli cites a positive 2023 outlook with a "90-day upside catalyst watch" on the electric car start-up company, in which he referenced that the stock is about to explode to the upside within that period. This year will mark Fisker's first year of large deliveries, as the company aims to ship around 42,000 vehicles that year. Despite the fact that the company's guidance was superior to that of its rivals Lucid and Rivian, Fisker's stock has not witnessed the same rally that Lucid and Rivian shares had.
Michaeli feels that the next few months are key for Fisker and that the narrative surrounding Fisker will shift swiftly if the business is able to get approval to sell the car in the United States, ramp up manufacturing at Magna International, and keep with its 2023 guidance.
FSR Forecast and Analysis
The average estimate forecasted price from nine different experts is USD 9.33. The majority of analysts have recommended purchasing shares of the company, which may be interpreted as a sign that the company's prospects for future expansion are favorable.
However, Stock Target Advisor's analysis on Fisker's stock is very Bearish, which indicates that the general market sentiment is pessimistic toward the future prospects of the company. The fact that there are 0 good signals and 9 negative signals suggests that the company may be facing substantial headwinds, as shown by the research.
Fisker Inc. stock closed at a price of USD 5.73 per share on its most recent trading day, which is lower than the average target price that was projected by the analysts. The price of the stock has dropped by -4.18% over the previous week and by -52.76% over the past year, which may indicate that investors have a diminished sense of optimism regarding the future prospects of the company.
About Fisker Inc.
Fisker Inc. is an American electric vehicle (EV) company that designs and manufactures luxury EVs. The company was founded in 2016 by Henrik Fisker, a renowned automotive designer who has previously worked for companies such as BMW and Aston Martin.
Fisker Inc. is focused on developing sustainable, high-performance electric vehicles with advanced technologies such as solid-state batteries, which are expected to provide greater range and faster charging times than conventional lithium-ion batteries. The company's first vehicle, the Fisker Ocean, is a luxury electric SUV that is slated for production in 2022.
In addition to the Fisker Ocean, the company is also working on other electric vehicles, including a high-performance sedan called the Fisker EMotion, and a pickup truck called the Fisker Alaska.
Fisker Inc. has also made a number of strategic partnerships with companies such as Magna International and Foxconn Technology Group, which are expected to help the company scale production and bring its vehicles to market more quickly.
Overall, Fisker Inc. is an innovative EV company that is focused on delivering sustainable, luxury electric vehicles with advanced technologies.