Lion Electric initiated with a Market Perform at BMO Capital

BMO Capital analyst Tamy Chen initiated coverage of Lion Electric with a Market Perform rating and $2 price target. Lion is a designer, manufacturer, and distributor of commercial electric vehicles, the analyst tells investors in a research note. The firm considers the company to be ahead of several pure-play competitors on product differentiation and stage of ramp, but believes advantages are already reflected in the stock’s valuation. It says Lion’s cadence for sales and margin to accelerate will take time.