Michael Faraday (1791-1867) was an English scientist who contributed to the study of electromagnetism and electrochemistry.
His main discoveries include the principles underlying electromagnetic induction, diamagnetism and electrolysis.
The following written content is from Al Root
Faraday Future Intelligent Electric is pioneering a new, ultraluxury segment of electric vehicles and its shares could gain more than 70% from recent levels as a result, a Wedbush analyst said Tuesday.
Analyst Dan Ives launched coverage of the electric vehicle maker with a Buy rating. He put a $17 price target on the stock, the lowest among Wall Street analysts covering the stock. Shares of the company ended Monday around $10.
With the new rating from Ives, three analysts cover Faraday (ticker: FFIE) stock. All three rate shares Buy and the average price target among them is $21 a share, an implied gain of about 111% from recent levels.
Ives said he likes the luxury niche the company is targeting and that Faraday’s early models will be compared with Maybach and Bentley. Faraday’s first vehicle, the FF 91, is an ultraluxury EV that will retail for upward of $180,000.
“The company is set to create a new category in the EV space with its game-changing FF 91 vehicle and create a major brand within the high-end EV market opportunity,” wrote Ives.
Faraday shares weren’t reacting positively to the new rating on Tuesday. Shares were down about 3.8% in premarket trading. The broader stock market looked weak: S&P 500 and Dow Jones Industrial Average futures were down about 0.5% and 0.7%, respectively.
Ives is bullish on many electric vehicle makers. He also rates shares of Tesla (TSLA), General Motors (GM), and Electric Last Mile Solutions (ELMS) Buy.
“The auto industry is currently in the early innings of the biggest transformation seen since the 1950s as the market for electric vehicles is exploding,” wrote the analyst. “The auto industry is currently in the early innings of the biggest transformation seen since the 1950s as the market for electric vehicles is exploding,” wrote the analyst.
The FF 91 is due to be shipped in 2022. Faraday has about 14,000 orders and Ives believes the company can sell about 400,000 cars over its first five years. Ives projects about $500 million in 2022 sales, growing to almost $4 billion in 2023, with the bulk of his unit sales assumption shipped in 2024 and 2025. Read more from Barrons
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