R.F. Lafferty downgraded Fisker to Hold from Buy with a price target of $2, down from $3, after the company announced a preliminary Q4 GAAP loss of ($1.23) per share on revenue of $200.1M, which fell short of consensus by approximately $110M. When the company files its SEC Form 10-K for 2023, Fisker will include that “there is a substantial doubt about its ability to continue as a going concern,” the company disclosed and the firm cites the ongoing concern the company plans to disclose as well as weaker-than-expected deliveries in 2024 for its downgrade.
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