Evercore downgraded Fisler Inc. (FSR) to an In-Line rating (from Outperform) with a 12-month price target or $2.00 on the stock after the electric auto maker reduced their production forecasts from 13-17K units down to 10k units.
Analysts believe that Fisker’s upcoming 2024 will require careful planning following the company’s most recent challenges, including brand risks, fundraising, and a potential dilution of capital.
“In addition to a general lack of execution or tangible evidence of increased execution, we see FSR’s next 12 months as a highly precarious tightrope of execution, brand risk, capital raises and dilution.” Wrote analysts in a note.
Shares of FSR are even in pre-market trading on Monday.