Getaround initiated with an Overweight at Piper Sandler

Piper Sandler analyst Alex Potter initiated coverage of Getaround with an Overweight rating and $1.50 price target. The company’s car sharing platform is "well-suited to an environment characterized by unaffordable cars, cash-strapped consumers, and congested roads," Potter tells investors in a research note. While Getaround "offers unique exposure to an attractive theme, investors should be aware that the stock is not without risk," says the analyst. He thinks that after raising less than expected in a recent special purpose acquisition company transaction, Getaround will need additional capital in the next two years.