Benzinga | Dec 3, 2021 11:48AM EST

Goldman Sachs Initiates Rating On This Electric Mobility Company

* Goldman Sachs analyst Jerry Revich initiated Xos Inc (NASDAQ:XOS) with a Neutral rating and a price target of $4.25, implying an upside of 23.5%.

* The analyst is positive on Xos's low-cost product strategy, underpinned by its vertically integrated battery pack and proprietary battery management system.

* Revich added that competitive intensity is high while supply chain constraints are challenging for both incumbents and startups.

* Recently, Xos received a multi-million-dollar purchase order for 40 Xos last mile delivery vehicles from Route Consultant, a broker, and a consultant for FedEx Corp's (NYSE:FDX) FedEx Ground contractors.

* Price Action: XOS shares are trading lower by 9.45% at $3.45 on the last check Friday.