Forest River, which deals in motorhomes, cutaway buses, and recreational vehicles, will use the EV Star Cab and Chassis in its electrification strategy. The company plans to build a top-tier body that integrates with GP’s zero-emission platform.
GreenPower’s President, Brendan Riley, said, “The initial focus will lie with the StarCraft cutaway bus product which represents a total addressable market of approximately 13,000 vehicles per year and Forest River accounts for approximately 9,000 of those units sold.”
Riley added that as GreenPower matures, they are seeking transformative partnerships such as the one with Forest River. Most importantly, GreenPower is ready to help Forest River realize its electrification strategy. (See GreenPower stock analysis on TipRanks)
Maxim Group analyst Tate Sullivan maintains a Buy rating on GP’s stock with a price target of $45, implying an upside potential of 179.16% to current levels. Sullivan believes that most electric vehicle companies are optimistic of enhanced demand and will announce large orders this year.
He expects GP to continue securing large orders “based on our outlook for sustainable demand from shuttle bus, delivery van, and school bus customers for electric vehicles.”
Consensus among analysts on Wall Street is Moderate Buy based on 4 Buy ratings. The average analyst price target of $45.05 implies a 179.45% upside on current levels.
GP scores 4 out of 10 on TipRanks’ Smart Score rating system, implying the stock will perform in-line with the market.