Canoo initiated with a Buy at Alliance Global Partners

Alliance Global Partners initiated coverage of Canoo with a Buy rating and $1.55 price target. The combination of the company’s “unique modular design,” large order book, ramping production capacity and clearer funding path make Canoo “an attractive investment,” argues the analyst, who thinks the company’s recent SEC settlement should clear the way for it to expand relationships with government agencies and secure non-dilutive capital.