Wells Fargo Thinks Shift Technologies’ Stock is Going to Recover

In a report released yesterday, Zachary Fadem from Wells Fargo reiterated a Buy rating on Shift Technologies (SFT), with a price target of $12.00. The company’s shares closed last Wednesday at $7.40, close to its 52-week low of $6.40.

According to TipRanks.com, Fadem is a top 100 analyst with an average return of 31.2% and a 78.0% success rate. Fadem covers the Consumer Goods sector, focusing on stocks such as Petco Health and Wellness Company, National Vision Holdings, and Floor & Decor Holdings.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Shift Technologies with a $12.60 average price target, which is a 60.1% upside from current levels. In a report issued on May 4, BTIG also maintained a Buy rating on the stock with a $15.00 price target.

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Insurance Acquisition Corp. is a blank check company, which engages in the provision of insurance or insurance related services, with emphasis on regulated insurance or reinsurance companies. The company was founded in March 2018 and is headquartered in Philadelphia, PA.

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