Goev stock slightly dipped and traded at $2.52 on Friday.
Canoo (NASDAQ:GOEV) is referred to as a “compelling offering” as Stifel initiates a “Buy” recommendation for it. Analyst coverage of Canoo increased on Friday as Stifel analyst J. Bruce Chan revealed fresh coverage with a favorable recommendation. In terms of compact SUVs, pick-up trucks, and last-mile deliveries, he said the company focuses on “the most profitable automotive market sectors,” which makes the stock a compelling growth story. Chan believes that its broad emphasis sets it apart from the competitive EV industry.
He claimed that Canoo was trying to “extract value across the whole vehicle lifecycle, significantly different from peers and entrenched OEMs.” “Given a seasoned management team conveying a clear focus on high-growth areas, in our view, we view the company favorably.” The company’s agreement with Walmart (WMT) offers a major boost, according to Chan, and more business customers are likely to come.
Through direct sales to retail customers and business fleets, the company’s strategy “targets both the B2C and B2B markets,” he added. According to us, Canoo’s modular manufacturing method and architecture could result in reduced costs compared to competitors and quicker future vehicle development, allowing the company to gain market share at this crucially early stage of the electric vehicle market.
Chan gave the stock a “Buy” rating and a $4 price target. Despite a strong uptick in recent days, shares are still far behind their 52-week high of $13.35.
Goev stock price forecast
Analysts appear to believe that Canoo has a bright future, according to Yahoo Finance. Three analysts wrote on the firm in August, and all three gave it a buy recommendation. The average price objective, which represents the anticipated trading price one year from now, ranged from $3.50 to $15.00, a wide range that highlights the stock’s illiquidity.
Forecasts for earnings per share take into account the fact that Canoo is not yet profitable and has no sales. The business experienced a $0.56 per share loss in the second quarter of 2022. According to CNN Business, analysts expect Q3 EPS of -$0.58 to -$0.54, with a consensus estimate of -$0.56, and Q4 EPS of -$0.63 to -$0.49, with a consensus estimate of -$0.56 for the second half of the year.
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