Fisker (NYSE:FSR) stock is heading higher on Wednesday following a bullish call from Citi analyst Itay Michaeli.
The update from Michaeli has him reiterating his buy rating for FSR stock. Michaeli’s rating matches the consensus among analysts. That comes from one sell rating, two hold ratings, and six buy ratings.
To go along with that reiterated buy rating, the analyst increased his price target for the stock from $26 per share to $31 per share. That’s above the consensus price target of $27 per share for FSR stock.
Michaeli’s higher price target represents a potential 14.8% upside compared to the consensus price target. It also shows a possible 39.8% increase for FST stock compared to its closing price of $22.17 per share on Tuesday.
So what exactly has the analyst taking such a bullish stance on FSR stock? Michaeli points to a few factors behind his decision. That includes results from Q4, discussions with Fisker partner Magna International (NYSE:MGA), as well as web traffic trends, reports TheFly.com.
The positive call for FSR stock today caught the interest of investors. As of this writing, more than 18 million shares of the stock have changed hands. That’s above the company’s daily average trading volume of 17.3 million shares.
FST stock was up 9.7% as of Wednesday afternoon and is up 60.3% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.