FISKER: Needham analyst starts coverage with positive outlook

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FISKER($NYSE:FSR): Needham analyst Vikram Bagri launched new coverage of a number of electric vehicle manufacturers on Wednesday, with ratings on companies populating the industry spanning the spectrum. In his research note, Bagri wrote that “our key takeaway is that the growth forecasts for EVs still appear conservative.” He added that the rapid rise in gas prices in 2022, increasing availability of EV models, and government support has made the environment for EVs “more constructive than ever” with adoption picking up rapidly. Bagri noted that while there are a number of risks associated with investing in EV companies, he believes the potential rewards outweigh the risks. He added that he is “positive on the long-term prospects for the EV industry” and that Needham’s coverage is “overweight” on the sector.

Stock Price

FISKER is a publicly traded American electric vehicle manufacturer. On Wednesday, FISKER stock opened at $8.7 and closed at $9.2, up by 3.9% from prior closing price of 8.9. The analyst stated that FISKER’s technology is “best in class” and that the company has a “robust” order backlog. They believe that the company’s products have “significant potential” in the market and have a “positive” long-term outlook for the company.

VI Analysis

FISKER is a company with strong growth potential, as reflected in its fundamentals. However, the company is considered less stable due to lower profitability. This makes it a ‘cheetah’ type of company, which is more volatile due to its high growth aspirations. The VI Star Chart shows that FISKER has an intermediate health score of 4/10, indicating that it might be able to safely ride out any crisis without the risk of bankruptcy. However, the company is weak in terms of dividend and profitability.

Summary

FISKER is a company that makes electric vehicles. The stock price moved up the same day because investors believe that the company will be successful and make money in the future.