Lordstown Motors Update October 7, 2021
Morgan Stanley lowers Lordstown Motors Corp. to an Underperform rating from Equal-weight after a significant reset of its forecasts and valuation as it factored in last week's update from the electric vehicle maker.
Analyst Adam Jonas: "While the agreement with Foxconn helps secure the future of the Lordstown plant and buys time to explore other business opportunities for RIDE (new programs, new platforms, new segments that have yet to be developed), we believe there would likely be little left for shareholders."
Jonas and team think the downside to the $2 price target on RIDE outweighs the upside of the bull case valuation of $8.
Shares of Lordstown Motors are down another 7.69% premarket to follow on yesterday's 10.41% drop. Volatility on RIDE continues to ramp up.
BARRONS SAID: Lordstown Motors Tanks as Wall Street Abandons Its Stock
By Al Root
It’s been a rough ride lately for Lordstown Motors—and it isn’t getting any easier.
Monday evening,(October 4) Morgan Stanley analyst Adam Jonas downgraded shares of Lordstown (ticker: RIDE) to Sell from Hold. He cut his price target to $2 a share from $8.
Lordstown stock is 8.8% to $5.34 Tuesday morning. S&P 500 and Dow Jones Industrial Average futures...
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