Rivian, Lucid, Fisker set to become 'major players' in EV industry

TL;DR

Shares of Fisker Inc., Lucid Group Inc., and Rivian Automotive Inc. are set to recover from their steep losses as the electric-vehicle makers become “major players over the next decade.”That’s from analysts at Evercore ISI, who started covering the stocks of Fisker FSR,“While there has been a pronounced ‘fall from grace’ of our new EV OEMs (and all EV names), we believe these forlorn phoenixes could rise again as expectations have been vastly tempered and forecasts are close to reset,” the analysts, led by Chris McNally, said in the note.Evercore singled out Fisker stock as their favorite among the three, rating it at the equivalent of buy and with a $15 price target, representing 100% upside over Wednesday’s prices.Don’t miss: XPeng stock rockets toward record rally as bulls brush off bad results, outlookRivian is “the largest and most well-funded company” of the three, the Evercore analysts said.Rivian’s electric pickup truck is “garnering rave reviews for its branding and unique tech/features,” and Rivian is working on the launch of an electric SUV using a smaller, less costly platform.Key questions on Rivian’s path are its manufacturing ramp, vertical integration and the speed it will be up to scale its production; its funding needs, hovering around $4 billion to $6 billion; and by how much it would expand its market with the introduction of a cheaper SUV, Evercore said."

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