Mark Matousek/Business InsiderMorgan Stanley reported Tuesday that Fisker shares would rise 177% over the next 12 months from their current levels. This was according to a report by the brokerage firm.According to Fisker, the firm believes that this target can be achieved as Fisker will start production of its Ocean vehicle in November 2022.Fisker rates Morgan Stanley as overweight.Check out more stories from Insider's business page.Fisker shares will almost triple to $40 per share over the next 12 months, Morgan Stanley stated Tuesday. The electric-vehicle manufacturer is looking to reach its goal to launch production late next year.Fisker was re-covered by the investment bank with an overweight rating. The $40 base target would represent a 177% increase over the Friday closing price of $14.46.Adam Jonas, equity analyst, wrote that FSR is "likely to launch on time" and ramp up quickly in late 2022. Fisker supported its projection that the Ocean SUV would be produced by November 17, 2022.Jonas stated that if we knew nothing else than the company's November 2022 [start production] for Ocean near budget, this alone could be enough to drive the stock towards our price target. He also said that the production date is the same as Fisker’s contract manufacturing partner.Fisker shares jumped up to 30% Tuesday. Since a sharp decline from its highs in February, the stock has been steadily recovering. Fisker was made public by Spartan Energy Acquisition Corp. (a special purpose acquisition company or SPAC) backed Apollo Global Management.Jonas stated that Fisker is most often criticized for outsourcing too much to suppliers.FSR is an EV design/engineering laboratory and consumer experience architect. It's a time-to market accelerator for manufacturing powerhouses that need product to market quickly and efficiently. FSR's business model seems to be the best strategy.Henrik Fisher, Fisker's CEO, posted on Twitter Monday about progress made on Ocean's production and said that the final product would be displayed at the Los Angeles Auto Show (November).
