Lincoln W Daniel - Analyst: Buy $SBE ChargePoint & Sell Fisker and Lordstown
Today, we discuss the outperform rating from a respected automotive analyst, Wolfe Research. They believe ChargePoint is undervalued and set a $50 price target for the company. Lincoln discusses why that is.
Wolfe Research is digging into the electric vehicle sector today with new ratings for investors to latch on to. Fisker (FSR -9.1%) trades lower in morning action after Wolfe starts off coverage with an Underperform rating and price target of $16. Lordstown Motors (RIDE -1.5%) is also in reverse after being tagged with an Underperform rating and price target of $14.
On the flip side, Wolfe initiates Switchback Energy Acquisition (SBE -5.8%) with an Outperform rating and price target of $50 (more than 20% upside potential). The company is closing in on its reverse merger with ChargePoint.
Wolfe plays it down the middle on Workhorse Group (WKHS +0.7%) with a Hold rating and price target of $24. The Street in general is bullish on Workhorse.
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