Goldman Sachs analyst Mark Delaney initiated coverage of Fisker (FSR) with a Neutral rating and $15 price target.

The stock closed Thursday down $1.75 to $15.03.

Fisker has "world-class design expertise" but by the time it enters the market in two years, there will be increased competition in the electric vehicle SUV space, Delaney tells investors in a research note. Unlike when Tesla (TSLA) was gaining traction and several traditional car makers were taking a more measured approach to electric vehicles, there now is a significant amount of industry focus on EVs, and there are several new models coming to market, says Delaney.

Further, the analyst sees downside risk to Fisker's financial targets. Delaney this morning also initiated coverage of Lordstown Motors (RIDE) with a Buy rating and $31 price target.