Fisker reinstated with Hold from Buy at Needham

Needham analyst Chris Pierce re-instated coverage and downgraded the firm’s rating on Fisker to Hold from Buy. The analyst sees the company’s asset-light, contract manufacturing model as "intriguing", particularly following its initial FY23 guidance calling for positive adjusted EBITDA, but he also believes that the stock is "fully valued". Needham adds that it would turn more constructive on Fisker if the stock price saw a pullback or given the management’s consistent reiteration of FY23 guidance metrics.