02:50 PM EST, 02/29/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target to $3 from $2.50, representing an estimated 2025 P/E of 20x. We keep our adjusted EPS estimates of -$0.25 for 2024 and $0.15 for 2025. PSNY shares are surging for a second straight day (+14% after a 23% jump yesterday) after the company raised $950M from a bank syndicate, which lifted a major overhang after Volvo said it would stop funding the EV upstart earlier this month. PSNY also forecasted double-digit gross margins by the end of this year, up from a flattish margin in 2023. PSNY's Director and Geely CEO Daniel Li said that Geely would continue to provide fully operational and financial support to PSNY going forward. In short, we think the announcement is a game-changer for the PSNY story. While we think PSNY will have its work cut out to achieve a double-digit gross margin by year-end, we have long argued the stock has been unfairly lumped in with EV names with more serious issues and that the ramp-up of the Polestar 3 and 4 would provide a significant uplift to margins.