Fisker requests Adam Jonas and Morgan Stanley to correct their latest research report citing incorrect modeling and assumptions.
Today, Henrik Fisker took to Instagram to call out Morgan Stanley analyst Adam Jonas. This research report from Adam Jonas of Morgan Stanley put pressure on Fisker shares last week. According to Fisker, Jonas published a research report last week using incorrect modeling and assumptions.
Adam Jonas, the author of the research report, is a veteran automotive analyst from Morgan Stanley that covers Fisker shares. In the report Jonas said, “We now assume Fisker raises $1 billion in 4Q 2022 at the current share price of $10/share, compared to a $1.5 billion debt raise in Fiscal Year 2023 that we modeled previously, creating substantial dilution.”
During the Q2 2022 earnings call last week Jonas asked a couple of questions and Fisker management responded. The next day, Jonas published a research report using incorrect modeling and assumptions. It went completely against what Fisker management shared on the earnings call.
As a result, Morgan Stanley downgraded Fisker shares to an Equal Weight. The brokerage firm issued a 12-month target price of $10/share. Henrik tells us that Fisker notified Morgan Stanley and is awaiting a response.
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