Fisker Inc FSR is trading significantly higher Tuesday after Morgan Stanley resumed coverage on the stock with a Buy rating and announced a $40 price target.
Morgan Stanley analyst Adam Jonas also set a new $90 bull case on the stock.
"Among an ever increasing range of EV manufacturers, what attracts us to Fisker is the company's focused strategy on design and engineering and supply chain while leveraging the Magna-Steyr relationship in contract manufacturing to derisk the ramp, accelerate time to market and provide a path to scale and profitability," Jonas said.
Fisker went public via special purpose acquisition company Spartan Energy Acquisition in October 2020.
Fisker aims to revolutionize the automotive industry by developing emotionally desirable and eco-friendly electric vehicles.
Price Action: Fisker has traded as high as $31.96 and as low as $9.61 since it went public in October.
At last check Tuesday, the stock was up 19.10% at $17.90.
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