Shares of Fisker (NYSE:FSR) plunged in early trading, which can be attributed to an analyst downgrade. Adam Jonas of Morgan Stanley (NYSE:MS) changed his rating from Hold to Sell while assigning a price target of $4. For reference, his previous price target was $8.
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Jonas isn’t too confident that Fisker will be able to fund its production ramp-up at scale. In addition, he cited an unfavorable re-balancing of supply and demand for electric vehicles and worsening macroeconomic conditions as further reasons for the price cut.
Overall, Wall Street analysts have a consensus price target of $13.17 on FSR stock, implying over 93% upside potential, as indicated by the graphic above.