Fisker price target lowered to $6 from $12 at Evercore ISI

Evercore ISI lowered the firm’s price target on Fisker to $6 from $12 and keeps an Outperform rating on the shares. What “began poorly” with a delay in its EPS release last week “didn’t get any better on the print” as Fisker lowered 2023 production guidance and saw Q3 free cash flow burn of about $340M that was “much worse than expected,” the analyst tells investors. The firm is lowering its target on heighted execution and financial risk to “a still optimistic $6” as the analyst says the “financial tightrope is now very thin” for Fisker to execute the walk towards 300 per day Ocean production/deliveries and the PEAR/Alaska launch.