- The stock price of Fisker Inc (NYSE: FSR) increased by over 17% during intraday trading today (previous close of $12.37 and day high of $14.59). This is why it happened.
The stock price of Fisker Inc (NYSE: FSR) increased by over 17% during intraday trading today (previous close of $12.37 and day high of $14.59). Investors appear to be responding positively to a research report by Bank of America.
Bank of America analyst John Murphy assigned Fisker shares a “Buy” rating and a $31 price target. This was part of a broader report about electric auto companies. In the report, Murphy acknowledged that even though the electric vehicle industry is becoming extremely competitive and penetration seems to remain slow, it is still translating into an absolute volume growth from a low base and compound annual growth rate (CAGR) of more than 30%.
Murphy believes that Fisker’s main competitive advantages are in the form of an “attractive” product and platform sharing capabilities. However, the timeline for commercialization is a bit longer.
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