Why Fisker Stock Popped Early Wednesday Morning
Shares of luxury electric car start-up Fisker (NYSE: FSR) bounced back 7.5% in early trading Wednesday -- one day after its historic post-earnings collapse in share price Tuesday, which sent Fisker stock plummeting to an all-time low of $3.34 per share. Investors can probably thank a research note from Bank of America for the rebound. But will it last?
Because as of 10:30 a.m. ET, Fisker has already given back most of its early gains and is up a small fraction of 1%.
In its note out this morning, Bank of America announced it was lowering its price target on Fisker stock from $8 to $6.50 per share. Yet even so, the banker's new price target implied that this electric car stock could nearly double in price over the next 12 months.
Source Fool.com
