Why Investors Hit the Brakes on Fisker Stock on Thursday
The bad news just keeps coming for high-end electric vehicle (EV) maker Fisker (NYSE: FSR). On Thursday, an analyst cut his price target on the stock by 25%, spurring yet another sell-off of the struggling company's shares. They fell a steep 14%, on a day when the S&P 500 landed in positive territory by inching up 0.1%.
The person wielding the scissors was influential veteran auto sector analyst Adam Jonas of Morgan Stanley. Before market open on Thursday, Jonas reduced his Fisker price target to $3 per share from the preceding $4. He maintained his underweight (i.e., sell) recommendation as he did so.
Jonas has been a confirmed Fisker bear since nearly the beginning of this year. In late January, he downgraded his recommendation on the stock from equal weight (hold) to the current designation.
Source Fool.com
