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Investing.com — Fisker Inc (NYSE:FSR) reported its fourth-quarter earnings after the bell Wednesday, reporting a loss per share of 47 cents on revenue of $41,000.
The report saw Fisker shares initially rise Thursday, hitting a high of $13.85. However, they have since reversed and are now down more than 3%.
Citi analyst Itay Michaeli believes the update “should bolster confidence in the broader story, particularly with the stock having pulled back and with the relative valuation vs. EV OEM comps.”
In a note to clients, the analyst said that they are updating their model for near-term outlook updates, with long-term estimates intact.
However, they adjusted their price target on Fisker shares to a dollar lower at $29 per share due to a higher discounted cash flow rate.
“We reiterate our Buy/High Risk rating and expect a favorable stock reaction to these results,” said Michaeli.
