XL Fleet (NYSE:XL) stock is on the rise Friday following a new rating for the stock from BTIG.
BTIG analyst Gregory Lewis kicked off coverage of the stock today with a buy rating. To go along with this new rating, the analyst also includes a price target of $30 per share for XL stock. That suggests a 56.7% upside from its closing price of $19.15 per share on Thursday.
So why exactly is BTIG taking such a bullish stance on XL stock? The firm believes there’s potential in the company due to its business, which is upgrading commercial vehicle fleets to make them run off of electricity, reports TheFly.
Electric vehicle (EV) stocks have been all the rage the past few months, which means XL stock increasing along with them comes without much surprise. Investors are hungry for more EV stocks to snatch up and BTIG shining a light on the company will likely attract more of them.
XL Fleet is still incredibly new to public markets. The company only just completed its merger with a special purpose acquisition company (SPAC) on Dec. 22. The stock experienced a huge surge in price after this but has steadily declined since. That might make it the perfect EV stock to pick up before it potentially starts seeing major gains in the coming months.
XL stock was up 4.2% as of Friday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.