SOND - Lodging firm Sonder gains after outperform rating in new Oppenheimer coverage

Lodging firm Sonder Holdings Inc. (NASDAQ:SOND) rose 6.5% after receiving a new outperform rating at Oppenheimer after going public following a de-spacing last month.  "We see SOND's broad lodging portfolio and technology stack creating a disruptive hospitality brand, positioned for outsized share gains into travel's recovery," Oppenheimer analyst Jed Kelly, who put a $12 price target on the stock, wrote in a note. Sonder went public last month after completing a de-spacing transaction with a Gores Metropoulos SPAC that was first announced in late April. Sonder joined other vacation rental firms that have also gone public through SPAC deals in the past year, including Vacasa (NASDAQ:VCSA). If Sonder management can execute on its vision, SOND could achieve an enterprise value "several times" higher than its current $2.2B, according to Kelly. The potential downside threat to the company is "high cash burn" rate, which may create the need for more funding before break-even.  The

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Lodging firm Sonder gains after outperform rating in new Oppenheimer coverage