Lordstown Motors Corp’s RIDE takeover of a fully equipped factory from General Motors GM gives the company internal manufacturing capabilities and lighter capital expenditure, according to Goldman Sachs.
The Lordstown Motors Analyst: Mark Delaney initiated coverage of Lordstown Motors with a Buy rating and $31 price target.
The Lordstown Motors Thesis: The company is a startup battery electric vehicle original equipment manufacturer focused on the commercial light vehicle market, Delaney said in a Friday initiation note.
“Management expects to begin sales in September 2021 with its Endurance pickup truck, and this would likely make it the first company with a full-sized EV pickup truck targeting fleet customers in the market,” the analyst said.
Industry checks with potential fleet customers and around 50,000 pre-orders for Lordstown's Endurance “suggest to us that there is good demand for the product,” he said.
“We believe that Lordstown’s first-mover advantage, unique design/technology, and features that should be well-received by the customer base will help the company to be successful.”
RIDE Price Action: Shares of Lordstown Motors were up 10.36% at $20.05 at last check Friday.
Courtesy photo.
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