Citigroup Downgrades Fisker to Neutral, Lowers Price Target to $0.8
Portfolio Pulse from Benzinga Newsdesk
Citigroup analyst Itay Michaeli downgraded Fisker (NYSE:FSR) from Buy to Neutral and significantly reduced the price target from $4 to $0.8, indicating a bearish outlook on the company's stock.
March 01, 2024 | 7:34 pm
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Citigroup downgraded Fisker to Neutral from Buy and lowered its price target to $0.8 from $4, showing a lack of confidence in the stock's near-term performance.
The downgrade by a major financial institution like Citigroup, accompanied by a drastic reduction in the price target, is a strong bearish signal. It suggests that the analyst sees significant challenges ahead for Fisker, potentially due to operational, financial, or market-related concerns. This action is likely to influence investor sentiment negatively, leading to a decrease in stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100