Fishers, Inc. FSR Shares rebound on Thursday after upbeat analyst action.

Needham Analyst Vikram Bagri coverage of Fisker shares began with a buy rating and a Price target $12suggesting an upside move of around 30% from current levels.

The analyst’s positive sentiment is because Fisker’s electric SUVs offer “cutting-edge technology” at an affordable price. The company’s asset-light manufacturing model leverages contract manufacturers and may help it achieve market dominance without significant capital expenditures, he added.

The analyst noted that the stock is trading at a discount despite the positive results.

Among the shares of electric vehicles Needham also upgraded on Tuesday Tesla Inc. TSLA shares from Underperform to Hold and initiated coverage Rivian Automotive Inc. RIVN and Lucid Group Inc. LCID.

Price promotion: In Thursday’s premarket trading session, Fisker shares were up 1.41% to $9.36 Benzinga Pro data.

Photo: Courtesy of Fisker