Shares of Fisker (NYSE:FSR) fell today, which may be attributed to an analyst downgrade. Indeed, Wolfe Research changed its rating on the stock from Hold to Sell while assigning a price target of $6 per share.
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Wolfe Research analysts believe Fisker is the most volatile stock among the automobile manufacturers they track. Fisker’s task of carving out a brand for itself in an oversaturated industry is quite the challenge. They anticipate the electric vehicle battleground to heat up further, with industry giants like Tesla and several Chinese manufacturers leveraging their cost benefits to scale operations.
He reckons Fisker’s survival hinges on either achieving cost competitiveness or creating uniquely compelling products that entice niche markets willing to pay premium prices.
Overall, Wall Street analysts have a consensus price target of $11.25 on FSR stock, implying over 96% upside potential, as indicated by the graphic above.