Electric vehicle stocks Tesla (NASDAQ:TSLA) and Fisker (FSR) were upgraded by Wall Street analysts recently. While Tesla is a market leader in this industry, Fisker is still pre-revenue. Let’s see what prompted analysts to raise their price target on these stocks this week.While most electric vehicle (EV) stocks were on an absolute tear in 2020, most of them have underperformed the broader markets year to date. We can attribute the recent decline in stock prices to steep valuations of EV stocks as well as an increase in the number of players, making the EV segment a crowded market.
However, the electric vehicle space is poised to benefit from multiple secular tailwinds in the upcoming decade making these stocks interesting potential investments for the long term. The shift towards clean or renewable energy solutions is accelerating and the ongoing pullback provides investors an opportunity to buy the dip.
Here, we look at two EV stocks in Tesla (TSLA) and Fisker (FSR) that were recently upgraded by analysts on Wall Street.