PSNY Stock Alert: Piper Sandler Is Pounding the Table on Polestar

Polestar Automotive (NASDAQ:PSNY) stock is in the news Wednesday after Piper Sandler initiated coverage of the electric vehicle (EV) company.

This coverage starts with Piper Sandler analysts assigning an “outperform” rating to PSNY stock. To put that in perspective, the analysts’ consensus rating for PSNY shares is moderate buy based on six opinions.

With this coverage of PSNY stock also comes a price target of $3 per share from the Piper Sandler analysts. That’s a potential 49.3% upside compared to its prior closing price. For the record, the analysts’ consensus price prediction for PSNy is $6.67 per share.

What’s Behind the Bull Rating for PSNY Stock?

Here’s what the Piper Sandler analysts said about Polestar Automotive in a note to clients obtained by Investing.com.

“Given a compelling valuation, as well as a cocktail of other favorable investment attributes, we think investors should consider building a position.”

Despite the positive rating and price target for PSNY stock, the company’s shares are down slightly as of Wednesday morning. That comes with some 500,000 shares traded, as compared to a daily average of around 3.5 million shares.

Investors that are seeking out even more of the most recent stock market stories for today are in the right place!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.