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RIDE - Lordstown Motors News Story

$9.76 0.6  6.1%

Last Trade - 21/04/21

Sector
Consumer Cyclicals
Size
Mid Cap
Market Cap £1.17bn
Enterprise Value £714.5m
Revenue £n/a
Position in Universe 2397th / 6852

BUZZ-Fisker surges after Morgan Stanley calls co EV 'sleeper pick'

Fri 12th February, 2021 3:52pm
** Shares of Fisker Inc  FSR.N  up 24.3% at $19.19 after
Morgan Stanley initiates with 'overweight' rating
    ** Brokerage sets PT at Street-high $27, per Refinitiv,
implying ~75% upside to stock's Thurs close
    ** "In a very crowded EV startup field, we think FSR stands
out as one of the more de-risked and strategically underpinned
business models," Morgan Stanley analyst Adam Jonas writes in
note
    ** Thinks investors underestimate that FSR's path to
commercialization significantly aided by Canadian auto supplier
Magna International Inc  MG.TO , "which has a mastery of
bringing high quality vehicles to market on time, with high
quality and good economics"
    ** At valuation of 6.2x 2024 EV/EBITDA and 0.6x 2025
EV/Sales at $27 PT, FSR is brokerage's 'sleeper pick'
    ** Also starts Quantumscape Corp  QS.N  at 'overweight' ($70
PT), saying co developing "game changing" solid state battery
technology, noting Volkswagen's  VOWG_p.DE  involvement since
2012
    ** QS shares jump 19.1% to $53.56 on Fri
    ** On flip side, initiates Lordstown Motors  RIDE.O  at
'underweight' ($18 PT), pointing to new competition in EV pickup
market from startups and legacy OEMS "with far greater scale and
distribution advantages"
    ** RIDE's stock off 9.9% at $27.72 on the session

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