Xos initiated with a Buy at Roth MKM

Roth MKM initiated coverage of Xos (XOS) with a Buy rating and $15 price target The company is an early leader in all-electric Class 5-6 step vans, with over 700 units delivered to-date, the analyst tells investors in a research note. The firm says its growth initiatives moving to supply electric vehicle drivetrains to third-party car makers and offering the charging Hub both leverage substantial parts overlap with the Xos step vans. Xos currently has good visibility on a large order book for over 700 electric vehicle step vans, contends Roth.