Fisker price target lowered to $7 from $9 at R.F. Lafferty

R.F. Lafferty analyst Jaime Perez lowered the firm’s price target on Fisker to $7 from $9 and keeps a Buy rating on the shares post the Q3 report. For the second time this year, Fisker reduced its 2023 annual production forecast, but the production cut is geared towards reducing inventories as the company catches up on its delivery backlog, the analyst tells investors in a research note. The firm says demand for Fisker remains strong, especially in Germany, the company’s largest market. It reduced the price target to reflect higher debt levels, increased share count, and higher operating expenses to account for the increased cost of delivery of vehicles to customers.