Polestar price target raised to 40c from 33c at Bernstein

Bernstein analyst Daniel Roeska raised the firm’s price target on Polestar (PSNY) to 40c from 33c and keeps an Underperform rating on the shares. Polestar’s new CEO and CFO presented a strategy update that reframed the trajectory of the company, the analyst tells investors in a research note. The firm says Polestar will pivot away from luxury aspirations to a premium electric vehicle positioning, slowly move to a better “in-market” production strategy, and double down on cash conservation. Bernstein, however, continues to see EBITDA and free cash flow break-even substantially later than management expects.