FSR Passes 40K Reservations For Ocean - "Encouraging" Says Citi Analyst
$Fisker (FSR.US)$ Fisker Inc. (NYSE:FSR) said it has exceeded 40,000 reservations for the Fisker Ocean SUV, which prompted Citi analyst Itay Michaeli to reiterate a Buy rating.
The company said there are indications that many reservation holders plan to purchase the Fisker Ocean One launch edition or Fisker Ocean Extreme models, both priced at $68,999 in the US.
As a result, Fisker added that it will open pre-order reservations for the limited edition Fisker Ocean One SUV to current reservation holders on July 1.
They are expected to manufacture 5,000 Fisker Ocean One vehicles starting in November this year.
"Given the elevated level of interest in the Fisker Ocean One and Fisker Ocean Extreme, Fisker believes it will potentially sell out capacity through most of 2023 with purchase orders of our premium models," the company said in a statement.
The news resulted in Citi analyst Michaeli telling investors in a note that the update is "encouraging" and the mix of reservations "appears robust."
The analyst, who has a $29 price target on the stock, added that Fisker continues to gain commercial momentum. Fisker shares rose 1% Friday.
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