Shares of electric vehicle maker Fisker (NYSE:FSR) are trending higher today after its Chairman and CEO, Henrik Fisker, downplayed negative reports about the company.
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In a statement, the CEO noted, “We have made considerable progress on our business plan and achieved many firsts in the industry, including launching in 11 countries to date and delivering the most sustainable EV with the longest range in our category.”
Fisker, a significant shareholder in the company, believes that its present share price does not reflect the long-term opportunities for FSR and its achievements so far. Additional details are awaited in the company’s next business update later in December.
Earlier, FSR disclosed that it aims to optimize deliveries in the U.S. and Europe. As of November 30, it had either delivered or was in the process of delivering 123 vehicles to customers. While the company rapidly expands its retail presence, it wants to keep costs low. It also plans to lower production in December to unlock $300 million in working capital. Consequently, it expects to produce just over 10,000 units for the year.
What is the Target Price for FSR Stock?
Fisker’s share price has nosedived nearly 80% over the past year. This week, Goldman Sachs’ Mark Delaney reiterated a Sell rating on the stock while lowering the price target to $1 from $2. In addition, while R. F. Lafferty’s Jaime Perez has maintained a Buy call on Fisker, the analyst has also lowered the price target on the stock to $3 from $7.
Overall, the Street has a Hold consensus rating on Fisker, and the average FSR price target of $4.61 implies a massive 227% potential upside in the stock.
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