He’s impressed with Lordstown’s full-size pickup truck, the Endurance, as the commercial transportation market is growing fast, Seeking Alpha reports.
In addition, charging times and driving ranges are getting better for the company, Perez said.
"With the increase in EV offerings over the next two years, we expect commercial fleet operators and owners to adopt electric pickup trucks due to the lower cost of ownership and lower carbon emissions than fossil-fueled vehicles," he wrote in a commentary cited by Seeking Alpha.
Perez also is impressed with the 80,000 non-binding reservations for the Endurance that Lordstown unveiled Tuesday. That should generate a steady revenue stream through 2022, he said.
He sees revenue of $1.57 billion in 2023 and a price-to-sales multiple of 4.
Lordstown recently traded at $20.16, up 4.2%. It has doubled year to date amid market enthusiasm for electric-vehicle stocks.
Earlier this month, Goldman Sachs analyst Mark Delaney initiated coverage of Lordstown with a buy rating and a $31 price target.
Lordstown has “the ability to do internal manufacturing while also being [capital-spending]-light," as it took over a fully equipped GM factory, he said.
"Management expects to begin sales in September 2021 with its Endurance pickup truck (which is an EV pickup truck with just four moving parts on the powertrain – the hub motors)," Delaney said.
["This] would likely make it the first company with a full-sized EV pickup truck targeting fleet customers in the market."
In addition, President-elect Joe Biden is committed to clean energy, Delaney noted.