CIIC - Electric bus startup Arrival lands first bull rating ahead of SPAC closing

Wolfe Research Group starts off coverage on CIIG Merger Corp. (CIIC) with an Outperform rating ahead of the company's SPAC deal with Arrival. The firm says Arrival is a light and medium-duty van and bus manufacturer that it sees as one the best positioned electrification plays due its favorable short-haul markets and competitive pricing. In particular, Wolfe thinks Arrival's use of microfactories could be a game changer. Full-year profitability is anticipated in 2023. Wolfe assigns a price target of $50 to CIIC. The CIIC Merger Corp. and Arrival deal is expected to close this quarter.

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Electric bus startup Arrival lands first bull rating ahead of SPAC closing