Shares of Fisker Inc. extended their losses below $1 after the electric-vehicle maker lost its most bullish analyst, who cited the company’s continued accumulation of “unanticipated growing pains” for his loss of faith. “While we still believe Fisker has the potential to be a player in the EV market, the inconsistency of delivery cadence, shift in distribution strategy and now an investigation into the Ocean’s braking performance, give us pause in recommending the stock,” TD Cowen analyst Jeffrey Osborne wrote in a note to clients Wednesday.
Osborne cut his rating on the stock to market perform, after it had been at outperform for at least the past three years. His price target swung to $1, which is now the lowest of the 13 analysts surveyed by FactSet who cover Fisker, from $11 previously, which had been the highest. Fisker shares
FSR,
-10.60%
tumbled 7.4% toward a record low in afternoon trading. It had closed below $1 for the first time on Tuesday, amid reports that the National Highway Traffic Safety Administration was looking into the Fisker Ocean for safety …
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Osborne cut his rating on the stock to market perform, after it had been at outperform for at least the past three years. His price target swung to $1, which is now the lowest of the 13 analysts surveyed by FactSet who cover Fisker, from $11 previously, which had been the highest. Fisker shares
FSR,
-10.60%
tumbled 7.4% toward a record low in afternoon trading. It had closed below $1 for the first time on Tuesday, amid reports that the National Highway Traffic Safety Administration was looking into the Fisker Ocean for safety …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]