Shares of EV maker Fisker (NYSE:FSR) are trending lower in the pre-market session today after the company lowered prices for the Ocean Extreme model in the U.S. and Canada.
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The company has lowered the price for the model in the U.S. by $7,500 to $61,499. Customers who have already ordered the vehicle will receive a $7,500 price adjustment. Furthermore, the company will open orders for all trim levels for the 2024 calendar year on November 6.
Interestingly, Fisker is increasing the price of the Fisker Ocean Ultra and the Fisker Ocean Sport for 2024. Current pricing for these models is expected to remain in place on all orders completed by November 5. In Canada, Fisker is lowering the price of the Ocean Extreme by C$10,200 to C$79,799.
Henrik Fisker, the Chairman and CEO of the company, commented, “We are very confident in the continued demand for the Ocean, and we expect the Sport and Ultra models to be the highest sellers starting in 2024.”
Additionally, the CEO expects that the higher pricing for the Sport and Ultra will mitigate any impact on the company’s overall margins.
What is the Target Price for FSR Stock?
Overall, the Street has a Moderate Buy consensus rating on Fisker. The average FSR price target of $9.25 implies a substantial 70% potential upside. That’s after a nearly 21% slide in the share price so far this year.
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