Lordstown Motors (NASDAQ:RIDE) news for Friday concerning new coverage from Goldman Sachs has RIDE stock cruising higher.
The new call for RIDE stock has Goldman Sachs analyst Mark Delaney initiating coverage with a buy rating. That a bullish rating compared to analysts’ consensus hold rating for the stock.
The coverage from Delaney also includes a price target of $31 for RIDE stock. That’s well above analysts’ consensus price target of $20 per share. It also implies a 70.6% upside to the stock from its closing price of $18.17 on Thursday.
So what has the Goldman Sachs analyst taking such a bullish stance on Lordstown Motors stock? It’s all about the company’s electric vehicle (EV) offerings.
Lordstown Motors is currently working to roll out a new EV pickup truck that will be the first of its kind in the market. That and its unique design technology gives it a boost over competitors. Add in the 50,000 pre-orders for the EV pickup truck and Delaney believes that RIDE stock has plenty of room to race higher, reports TheFly.com.
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RIDE stock was up 13.1% as of noon Friday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
