Cowen has initiated coverage of electric vehicle startup Arrival (NASDAQ: ARVL), labeling the firm with an outperform rating and setting a price target of $28.50 per share.
The company went public on March 25 through a merger with special purpose acquisition company (SPAC) CIIG Merger Corp. The stock price has dropped from nearly $25 per share to $15.40 in midmorning trading Monday since then. Still, Cowen sees upside in the company’s approach, calling it unique.
“We are constructive on Arrival’s...
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