Polestar Automotive (NASDAQ:PSNY) stock is in the news Wednesday after Piper Sandler initiated coverage of the electric vehicle (EV) company.
This coverage starts with Piper Sandler analysts assigning an “outperform” rating to PSNY stock. To put that in perspective, the analyst consensus rating for PSNY shares is a moderate buy based on six opinions.
With this coverage of PSNY stock also comes a price target of $3 per share from Piper Sandler analysts. That’s a potential 49.3% upside compared to its prior closing price. For the record, the analyst consensus price prediction for PSNY is $6.67 per share.
What’s Behind the Bull Rating for PSNY Stock?
Here’s what the Piper Sandler analysts said about Polestar Automotive in a note to clients obtained by Investing.com:
“Given a compelling valuation, as well as a cocktail of other favorable investment attributes, we think investors should consider building a position.”
Despite the positive rating and price target for PSNY stock, the company’s shares are down slightly as of Wednesday morning. That comes with some 500,000 shares traded, as compared to a daily average of around 3.5 million shares.
Investors that are seeking out even more of the most recent stock market stories for today are in the right place!
We have all of the hottest stock market stories that traders are going to want to read about on Wednesday! Our coverage includes a WE (NYSE:WE) stock bankruptcy warning, the latest news on Splunk (NASDAQ:SPLK) layoffs and Paycom Software (NYSE:PAYC) stock dropping after its earnings release. You can get all of the details on these stories by checking out the links below!
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On the date of publication, William White did not hold (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.
