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Canoo Inc (NASDAQ:GOEV) operates in a segment where even the likes of Tesla Inc (NASDAQ:TSLA) are reporting weak delivery numbers.
The company has repositioned itself and the market appears to have "lost sight of the magnitude of the opportunity," according to Benchmark.
The Canoo Analyst: Michael Legg initiated coverage of Canoo with a Buy rating and a price target of $5.
The Canoo Thesis: The company faces limited competition in the Class 1 and Class 2 commercial fleet segment, as larger OEMs (original equipment manufacturers) are more focused on the consumer segment, Legg said in the initiation note.
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Canoo has built a sales pipeline of $3 billion to date, which includes $750 million in contracted orders with clients like Walmart Inc (NYSE:WMT), the United States Postal Service and the US military, he added.
"According to Global Market Insights, the light duty truck market exceeds $15 trillion globally that should provide expanding market opportunities as the long-term benefits of EV's, combined with government incentives, fuel adoption," the analyst wrote.
"A low single-digit share of the forecasted EV light commercial market suggests a multi-billion revenue opportunity for GOEV by 2030," Legg added.
GOEV Price Action: Shares of Canoo were up 3.4% to $3.03 at the time of publication on Wednesday.
Photo: Canoo
