Benchmark starts Canoo with a Buy, cites $3B sales pipeline

As previously reported, Benchmark initiated coverage of Canoo with a Buy rating and $5 price target. Since 2020, Canoo has repositioned itself with a new, “accomplished” management team, a “laser focus on commercial fleet vehicles,” and a phased capex approach to capacity buildout, the analyst tells investors. The firm also notes that the company has built a $3B sales pipeline to date, which includes $750M in contracted orders.