Lordstown Motors shares tumbled nearly 10% in early trading.
Lordstown stock price target cut to $2 from $8 at Morgan Stanley.
Morgan Stanley lowers Lordstown Motors Corp. to an Underperform rating from Equal-weight after a significant reset of its forecasts and valuation as it factored in last week's update from the electric vehicle maker.
Analyst Adam Jonas: "While the agreement with Foxconn helps secure the future of the Lordstown plant and buys time to explore other business opportunities for RIDE (new programs,new platforms, new segments that have yet to be developed), we believe there would likely be little left for shareholders."