Charged: Apple, Hyundai-Kia Said To Be Close To 'Apple Car' Deal

Bernstein analyst Neil Beveridge initiated coverage of Plug Power (PLUG) with an Outperform rating and $75 price target as the firm expanded coverage of the global fuel cell sector. For fuel cell makers, heavy duty transport is the most attractive end market, with demand for fuel cells in trucks offering "the single most important growth market for fuel cells with high barriers to entry," Beveridge contended.


Morgan Stanley analyst Stephen Byrd downgraded SunPower (SPWR) to Underweight from Equal Weight with an unchanged price target of $27. The analyst noted that the stock, after having outperformed solar installer and equipment stocks by 120%-200% over the last 3 months, trades at a significant premium to peers despite a lower revenue growth and EBITDA margin outlook. This outperformance versus solar peers Enphase (ENPH), SolarEdge (SEDG), Sunrun (RUN), Sunnova (NOVA) and Array Technologies (ARRY) "has been unwarranted" and has led to an unfavorable risk-reward compared with similarly exposed peers, Byrd argued.


On Friday, Lucid Motors CEO Peter Rawlinson spoke on CNBC, stating that demand has been "overwhelming" as consumers become aware of the brand. Rawlinson, who said his company's cars are at the high-end and not in direct competition to Tesla, said he "can't comment" on reports of talks with Churchill Capital and did not confirm nor deny such talks. Earlier in the week, Eliot Brown of The Wall Street Journal reported, citing people familiar with the matter, that talks between blank-check company Churchill Capital Corp IV (CCIV) and electric-vehicle startup Lucid Motors are continuing, but that a deal isn't imminent.


On Friday, Roth Capital analyst Craig Irwin initiated coverage of Beam Global (BEEM) with a Buy rating and $85 price target. Beam offers hardware-agnostic and deployable EV charging infrastructure solutions with units that are installed in minutes, "allowing customers to forego costs and delays for permitting, construction, and electrical connections," said Irwin. The company's new sponsored deployment model, with the first project starting in San Diego, could accelerate revenue growth, added the analyst.

Irwin also initiated coverage of Blink Charging (BLNK) with a Buy rating and $67 price target. Blink has deployed over 23,000 electric vehicle charging units through both consolidation and the pursuit of long-term strategic commercial partnerships with real estate owners, Irwin told investors in a research note. The analyst would be a buyer of the stock for leverage to accelerating electric vehicle adoption and continued growth of the company's charging network.

In addition, Roth's Irwin initiated coverage of Switchback Energy Acquisition Corp. (SBE), the acquirer of ChargePoint (CHPT), at Buy with a $46 target. ChargePoint has a 73% share in networked Level 2 EV charging stations, which Irwin calls "a good indictor" that the company should remain a long-term leader in the rapidly expanding EV charging infrastructure market. EV market expansion consistent with consensus forecasts could support "material long-term upside" for ChargePoint, the analyst added.

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William K. 3 months ago Member's comment

Thanks for the detailed reporting. But to throw some water on the fire, the computer driven cars will be a non-starter for two reasons: First, the improvement in safety is non-existent for most people, since most people never are involved in an accident, and if they don't hate to drive there is no other reason to pay so much extra for a very expensive add-on. And the bigger reason is that computer driven cars will never have adequately good software, because the cost of a proper evaluation is far to great.

And the really big challenge for electric vehicles will happen as the number grows and it becomes clear that there is not enough power to charge them all. THAT is the fatal flaw in the concept that is very seldom mentioned, since it is a serious show-stopper.