Sumary of Why Lion Electric Stock Leaped 7% Today:
- What happened Shares of Canadian electric bus manufacturer Lion Electric (NYSE:LEV), which recently went public through a special purpose acquisition company, roared 7% higher through Tuesday’s close.
- After the close of trading on Monday, investment bank CIBC initiated coverage of Lion Electric with an outperformer rating and a $20 price target that implies the stock could nearly double over the next year.
- com reported, CIBC thinks that Lion Electric has a first-mover advantage in electric buses, and is “well positioned to quickly ramp up to meet growing demand.
- ” And while not everyone might agree with the idea that Lion is the first mover in electric buses, CIBC still thinks the stock is a good place to look for investors wanting exposure to EVs.