Shares of Lordstown Motors (NASDAQ:RIDE) are up 11% as of 1 p.m. EST on Friday. The company released a video this week of its Endurance all-electric pickup truck driving through some harsh road conditions, and analyst support followed.
Lordstown CEO Steve Burns drove a panel-less frame of the Endurance through some extreme environments to show the design of its four in-wheel hub motors being put to a grueling test and proving its durability.
One analyst that may have been impressed by the performance was Mark Delaney of Goldman Sachs (NYSE:GS). He initiated coverage on Lordstown today with a buy rating and a price target of $31. That implies a 70% upside from Thursday's closing price of $18.17 per share.
Delaney noted the truck's unique design and pointed out the company's advantage for remaining ahead of other electric-truck automakers if it maintains its estimated production schedule. Lordstown plans to begin production of the Endurance in September 2021.
The company has non-binding production reservations for about 50,000 trucks, representing interest from approximately 100 different commercial truck fleets. Lordstown plans to build its Endurance electric pickup truck at a former General Motors (NYSE:GM) manufacturing plant in Lordstown, Ohio. The company is billing the Endurance as a "light duty fleet work truck" that will be priced at $52,500 per vehicle.