Lordstown Motors News Alert: Why RIDE Stock Is Driving Higher Friday

Lordstown Motors (NASDAQ:RIDE) news for Friday concerning new coverage from Goldman Sachs has RIDE stock cruising higher.

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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.

Catch up on all the latest Lordstown Motors stock news with more content from InvestorPlace below.

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.

Article printed from InvestorPlace Media, https://investorplace.com/2020/12/lordstown-motors-news-alert-why-ride-stock-is-driving-higher-friday/.

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