The three EV makers are ‘forlorn phoenixes’ that could rise again, Evercore analysts say
Shares of Fisker Inc., Lucid Group Inc., and Rivian Automotive Inc. are set to recover from their steep losses as the electric-vehicle makers become “major players over the next decade.”
That’s from analysts at Evercore ISI, who started covering the stocks of Fisker FSR, -5.43%, Lucid LCID, -3.06% and Rivian RIVN, -1.75% in a note Wednesday. The EV makers have struggled to recapture Wall Street’s favor after recent double-digit declines and months of underperformance for their shares.
“While there has been a pronounced ‘fall from grace’ of our new EV OEMs (and all EV names), we believe these forlorn phoenixes could rise again as expectations have been vastly tempered and forecasts are close to reset,” the analysts, led by Chris McNally, said in the note.
Evercore singled out Fisker stock as their favorite among the three, rating it at the equivalent of buy and with a $15 price target, representing 100% upside over Wednesday’s prices.
That’s because Fisker has a completely different business model, Evercore said.
Fisker is often called the “Apple of autos” as it focuses on its cars’ looks and interfaces, leaving manufacturing to contracted companies such as auto-parts maker Magna International Inc. MGA, +0.02% and others.
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