RIDE Stock: $13 Target By Bank Of America

By Amit Chowdhry ● April 20, 2021
  • The shares of Lordstown Motors Corp (NASDAQ: RIDE) have received a price target of $13 by Bank of America. These are the details.

The shares of Lordstown Motors Corp (NASDAQ: RIDE) have received a price target of $13 by Bank of America. And Bank of America analyst John Murphy initiated coverage of the company shares with a “Neutral” rating.

Murphy noted this rating as part of a broader research note about electric auto companies. Even though the electric vehicle industry is extremely competitive and penetration has been relatively slow, it still translates into an absolute volume growth from a low base and a compound annual growth rate of more than 30%.

And regarding Lordstown, Murphy pointed out that the company’s key competitive advantages come in the form of support from General Motors with a production-ready high-volume plant that enables them to bypass obstacles between concept and production. And like many of the Lordstown’s peers, the company is in its R&D phase.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.