Citi opens ‘upside Catalyst Watch’ on Fisker into narrative change

Citi opened a "90-day upside Catalyst Watch" on shares of Fisker. Despite issuing "very encouraging" 2023 guidance versus electric vehicle peers, Fisker shares have languished likely on macro concerns, the analyst tells investors in a research note. If Fisker delivers on all or most of its near-term milestones, the stock’s narrative "can rapidly change from one of heavy skepticism today to one that embraces the Ocean’s compelling EV specs/price-points, the asset-light model and the company’s growth objectives," Citi contends. With a market capitalization that is a "fraction of peers," the upside case appears sizable if Fisker can deliver in the coming months, writes the firm. It keeps a Buy rating on the shares with a $21 price target.