Polestar Automotive (NASDAQ:PSNY) stock is a hot topic after Deutsche Bank analyst Emmanuel Rosner initiated coverage on Monday.
The coverage from Rosner kicks off with a “hold” rating for PSNY stock. To go along with that, Rosner also includes a $10 price target for the Swedish electric vehicle (EV) company’s shares. That represents potential 12.4% upside from the stock’s closing price on Friday.
The Deutsche Bank analyst believes that PSNY stock has potential because of the company’s current partnerships. That includes dealings it has with both Geely and Volvo, which Rosner says gives it an “asset-light business model, speeding time to market, reducing manufacturing and supply risk.”
What Does This Mean for PSNY Stock?
So how’s that new rating affecting PSNY stock today? Truthfully, the stock isn’t seeing much in trading volume with only about 716,000 shares on the move as of this writing. For the record, the EV company’s daily average trading volume is closer to 3.6 million shares.
In addition to that, shares of PSNY stock are largely unmoved from their closing price on Friday. The company’s stock has both risen and fallen on Monday following the note from the Deutsche Bank analyst. As of Monday morning, shares of PSNY stock are the same as they were on Friday’s close. We’ll also note that the stock is down 25.8% since the start of the year.
Investors looking for more of the hottest stock market news will want to keep reading!
InvestorPlace has all of the latest stock news that traders need to know about on Monday! That includes why shares of Royal Caribbean Cruises (NYSE:RCL), ON Semiconductor (NASDAQ:ON), and Check Point Software (NASDAQ:CHKP) stock are on the move. You can find out more on these matters at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
