Goldman Sachs Downgrades Lordstown Motors To Sell - Read Why - Ford Motor (NYSE:F)

Goldman Sachs analyst Mark Delaney downgraded Lordstown Motors Corp RIDE to Sell from Neutral with an unchanged price target of $5, representing 34% downside.
Delaney wrote in a note that the price target reflects the "competitive albeit growing" market for electric vehicles as well as the operational challenges that Lordstown is facing.
The analyst points out that Ford Motor Co F is planning to bring out a battery electric vehicle F-150 in 2022 starting at $40,000 for fleets, compared to the Endurance pickup, which Lordstown plans to price in the low $50,000 range.
The current supply chain issues that the auto industry broadly is experiencing could complicate Lordstown's production ramp over the next year, the analyst adds.
Price Action: RIDE shares are trading lower by 0.40% at $7.54 in premarket on the last check Monday.