Fisker initiated with an Outperform, $15 price target at Evercore ISI

As previously reported, Evercore ISI analyst Chris McNally initiated coverage of Fisker with an Outperform rating and $15 price target. The stock is off 74% from its peak of $29, noted McNally, who said Fisker operates a different, asset-light structure compared to EV rivals Rivian (RIVN) and Lucid (LCID) given how its vehicles are developed and designed in-house but then built via a contract manufacturer. He sees 40%-50% upside to FY23 revenue consensus and a path to about 40,000 deliveries, McNally added.