Why EV Maker Fisker's Shares Are Shooting Higher Today

Fisker, Inc. FSR shares are rallying on Thursday following a positive analyst action.

Needham analyst Vikram Bagri initiated coverage on Fisker’s shares with a Buy rating and a $12 price target, suggesting a roughly 30% upside from the current level.

The analyst's positive view is due to Fisker’s electric SUVs offering “cutting-edge technology” at an affordable price. The company’s asset-light manufacturing model leverages contract manufacturers, potentially helping it to achieve a dominant position without significant capital outlays, he added.

The analyst noted, despite the positives, the stock is trading at a discount.

Among electric vehicle stocks, Needham on Tuesday also upgraded Tesla Inc. TSLA shares from Underperform to Hold and initiated coverage on Rivian Automotive Inc. RIVN and Lucid Group Inc. LCID.

Price Action: In premarket trading Thursday, Fisker shares were rising 1.41% to $9.36, according to Benzinga Pro data.

Photo: Courtesy of Fisker