Wedbush Sees Huge Upside On Xos

Wedbush analyst Daniel Ives initiated Xos Inc (NASDAQ:XOS) with an Outperform rating and a price target of $10, implying an upside of 113%.
The analyst notes that Xos looks to tap into the growing EV market by leveraging its highly experienced management and engineering teams to address the medium to heavy-duty last mile and return-to-base vehicles.
Ives states that acting as one of the first movers in this burgeoning area of the EV market, Xos has a proven product that is already on the road with the ongoing development of future iterations.
Price Action: XOS shares are trading higher by 3.15% at $4.67 on the last check Monday.