Lordstown Slumps as Morgan Stanley Sees Stock at $2 By Investing.com
By Dhirendra Tripathi
Investing.com – Lordstown stock (NASDAQ:) plunged more than 8% to touch Tuesday’s low of $5.20 after Morgan Stanley (NYSE:) The stock could drop to $2.
The stock is already well below its year’s high of $31.55.
Morgan Stanley analyst Adam Jonas’ previous target for the stock was $8 with an equal weight rating, according to reports. According to reports, he is currently underweight.
Jonas’ pessimism focuses on the terms of the company’s deal with Foxconn that the analyst feels leaves little for the EV-maker’s shareholders.
Lordstown will sell its Ohio facility to Apple for $230 Million. The iPhone maker now wants to create electric cars. According to the company, the purchase would fetch $1.3 billion. That’s five times more than the actual value.
Both companies plan to jointly make electric cars at the facility.
As per reports, the analyst believes the firm’s proposed full-size electric pick-up truck, Endurance, already several months behind schedule, may not yet be commercially viable.
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