Fisker Shares Rally On Bullish Projections For EV Developer

Fisker Inc FSR, which recently went public via a special purpose acquisition company deal, has traded higher since its New York Stock Exchange Debut.

The stock received a charge yesterday after a sell-side analyst took a bullish stance on the electric vehicle stock. 

The Fisker Analyst: Cowen analyst Jeffrey Osborne initiated coverage of Fisker with a Buy rating and $22 price target, Barron's reported Monday. 

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The Fisker Takeaways: The upcoming Fisker Ocean SUV is “compelling,” Osborne said. 

The vehicle has over 9,000 paid deposits, and the analyst expects that number to rise in 2021.

Fisker is adding influencers and celebrities to help build the brand, which he said could boost the automaker's preorder numbers.

Cowen's $22 price target is based on two times Osborne’s estimated $3.2 billion in 2023 sales. The analyst projects that 2022 sales will hit $556 million.

Tesla Inc TSLA trades at six times estimated 2023 sales, Osborne said. Tesla is used as a benchmark for many electric vehicle startups.

FSR Price Action: Shares of Fisker were up 28.73% at $13.98 at last check Monday. 

Courtesy photo.