2023-04-27 09:33:42 ET
Polestar ( NASDAQ: PSNY ) gained a bull on Thursday as Cantor Fitzgerald started coverage with a Buy rating.
Equity analyst Andres Sheppard informed clients of the new coverage, assigning the stock a $7 price target alongside the Overweight initiation. He advised that the “rapid industry demand for EVs” coupled with the support of established auto giants like Volvo and Geely should support growth. As such, investors would be well-served to take advantage of what he sees as a “good entry point for investors with a long-term investment horizon” at present.
“Polestar is currently manufacturing all of its vehicles at a plant in China that is owned and operated by Volvo. We believe this is an important differentiator since production has been an issue in the industry,” Sheppard added. “We believe PSNY will have the ability to leverage the manufacturing footprint of both Volvo Cars and Geely, which should provide the company with operating leverage and allow the business to scale-up production faster than competitors.”
Shares of Polestar ( PSNY ) gained 2.27% shortly after the market open on Thursday.
Read more on the company’s recent SUV product reveal .
For further details see:
Polestar stock drives higher as Cantor Fitzgerald calls it a Buy