Canoo Stock Fades Despite Positive Analyst Notes
Investing.com
Published Dec 16, 2021 01:54PM ET
By Sam Boughedda
Investing.com — Shares of electric vehicle startup Canoo Inc (NASDAQ:GOEV) initially rose Thursday after positive analyst commentary. However, the momentum was quickly lost, with the stock now down on the day.
On Wednesday, the California-based firm said it ended its partnership with Dutch automotive manufacturer VDL Nedcar to manufacture cars in Europe and is exploring potential partnerships with another Dutch company, VDLGroep, to potentially manufacture vehicles in the U.S.
Analysts moving to reassess the stock and adjust price targets.
Roth Capital upgraded the stock to buy from neutral, upping their price target to $14 from $9. While analyst Craig Irwin did not mention the shift to focus on U.S. production, he cited "the higher deliveries guidance and the outlook for abundant catalysts," with vehicles starting to roll out early next year.
Elsewhere, R.F Lafferty raised their price target on the stock to $21 from $19, maintaining a buy rating. Analyst Jaime Perez picked out the new emphasis on U.S. production as one of the reasons for the target change. The analyst's raised target takes into consideration Canoo's higher production target for 2023.
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