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RIDE - Lordstown Motors News Story

$8.03 -0.6  -7.1%

Last Trade - 8:35pm

Sector
Consumer Cyclicals
Size
Mid Cap
Market Cap £1.10bn
Enterprise Value £645.1m
Revenue £n/a
Position in Universe 2467th / 6849

BUZZ-Fisker skids after Goldman downgrades to "sell"

Thu 22nd April, 2021 3:43pm
** Fisker Inc  FSR.N  down 9.2% at $13.75 after Goldman
Sachs downgrades EV maker to "sell" from "neutral"
    ** Goldman cuts PT by $5 to Street-low $10 and vs $27.50
median, per Refinitiv data
    ** In U.S. auto & industrial tech note, GS points to
multiple OEMs planning to transition to EVs, saying its
concerned about FSR's relatively late entry to market
    ** GS analyst team led by Mark Delaney says by the time FSR
ramps up production of new vehicles in partnership with Foxconn
 2354.TW  in Q4 2023, competitive landscape could be even more
challenging
    ** Delaney also cuts rating of Lordstown Motors  RIDE.O  to
"neutral" from "buy"
    ** RIDE's recent issues with Baja race on Apr 17 suggests
more development needed on its pickup truck, Delaney says, and
could delay its timeline to market entry
    ** Delaney says remains "very" constructive on EVs, believes
ways to invest for exposure to growth in the space include
select OEMs, including Tesla  TSLA.O  and GM  GM.N  with modular
architectures
    ** FSR shares are off ~60% from $31.96 record intraday peak
hit on Mar 2

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))
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