- Goldman Sachs analyst Mark Delaney downgraded Lordstown Motors Corp RIDE to Sell from Neutral with an unchanged price target of $5, representing 34% downside.
- Delaney wrote in a note that the price target reflects the "competitive albeit growing" market for electric vehicles as well as the operational challenges that Lordstown is facing.
- The analyst points out that Ford Motor Co F is planning to bring out a battery electric vehicle F-150 in 2022 starting at $40,000 for fleets, compared to the Endurance pickup, which Lordstown plans to price in the low $50,000 range.
- The current supply chain issues that the auto industry broadly is experiencing could complicate Lordstown's production ramp over the next year, the analyst adds.
- Price Action: RIDE shares are trading lower by 0.40% at $7.54 in premarket on the last check Monday.
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