Charged: Analyst Sees Apple Announcing EV Partnership In 2021

Electric vehicle maker Lucid Motors is nearing a deal to go public at a roughly $12B valuation via Michael Klein's Churchill Capital Corp IV (CCIV), Joshua Franklin and Anirban Sen of Reuters reported earlier this week, citing people familiar with the matter. The merger between Lucid and Churchill Capital would be bigger than the electric vehicle deals that brought Nikola (NKLA) and Fisker (FSR) public through special purpose acquisition companies, Franklin and Sen pointed out. Churchill has initiated talks with investors to raise more than $1B by selling shares in a private investment in public equity transaction for the deal with Lucid, sources told Reuters. These funds would be in addition to the $2B Churchill Capital raised in an initial public offering in July, and Franklin and Sen added. Lucid and Klein have agreed on the key terms of the deal, according to Reuters' sources.


Shares of QuantumScape (QSwere in the spotlight earlier this week after the electric vehicle-battery startup said in a letter to investors that it was able to produce multilayer battery cells, a crucial hurdle in the development of its technology. Soros Fund Management also disclosed on Tuesday a $4.6B stake in QuantumScape.


R.F. Lafferty analyst Jaime Perez initiated coverage of Fisker with a Buy rating and $23 price target. The market for electric vehicles has increased "dramatically" over the past several years, noted Perez, who pointed out that Fisker plans to introduce a prototype of its Ocean all-electric SUV in mid-2021, launch production of the Ocean in late 2022, and has a stated goal to become a "premium automaker producing more than 100,000 units."


Credit Suisse analyst Andrew Kuske reinstated coverage of Brookfield Renewable Partners (BEP) with a Neutral rating and $47 price target following a brief period of restriction. Kuske regards Brookfield as a best in class developer of long-dated renewable power and a savvy purchaser of distressed assets, but feels several areas to watch include a renewed focus on TransAlta Corporation (TAC), a potential acceleration of Brookfield's capital program delivering projects in the pipeline along with expanding into accelerated re-power efforts like Shepherds Flat as per the fourth quarter results, and an array of capital deployment potential.


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