XL Fleet stock forecast – will it hit $30?

XL Fleet Corp (NYSE: XL) has closed out its first official month trading on Wallstreet, after completion of the SPAC merger with PIC. The stock is down 6% in the past 30 days, with XL Fleet investors experiencing a rollercoaster of volatility. The stock peaked at $35 a share in late December however analysts are confident the stock will see the $30 margin again in 2021. Furthermore, XL Fleet are confident in their revenue growth in 2021 looking to triple its previous years performance. This article will breakdown everything you need to know about XL Fleet and the forecasts for 2021.

What are the forecasts from analysts on XL Fleet stock?

Firstly, 2 Wallstreet analysts have already begun coverage on XL Fleet stock. The average 12 month price target from analysts is $30 a share, suggesting an upside potential of 33% from the current trading price. Furthermore, both analysts have retained a Buy rating on the stock. Although skewed to only two analysts at this stage, it is clear that institutions on Wallstreet like the look of XL Fleet.

1/29/2021 Canaccord Genuity – Analyst Jed Dorsheimer initiated coverage on XL Fleet stock listing the firms 12 month price target at $30 a share.

1/22/2021 BTIG Research – Analyst Greg Lewis also initiated a 12 month price target at $30 a share alongside a Buy rating.

XL Fleet revenue forecasts

Firstly, XL Fleet are not your average EV innovator. Similar to Hyliion, XL supplies electrified powertrain solutions. The company has already started generating a strong stream of revenue, with the Q3 results breaking records. The company turned over $6.3 million in revenue which in comparison to Q3 2019, is a 200% increase. Looking ahead, the company expects over $75 million in revenue in 2021. Furthermore, according to XL Fleet the company expects $281 million in 2022 and $647 million in 2023. Incredibly, by 2024 the company expects revenues to grow to $1.3 Billion.

“Our record Q3 revenue nearly matches our performance for the entire prior calendar year in a single quarter. This accomplishment is a testament to the strength of XL’s differentiated platform and proven business model.  We are excited by the strong momentum we are experiencing across our product portfolio, the increased adoption from existing customers, and the continued expansion of new customer relationships across North America.”

said Dimitri Kazarinoff, Chief Executive Officer of XL.


I am obliged to remind our viewers that this is not advice but rather investment commentary from extensive research 

In conclusion, XL Fleet has both the backing from Wallstreet analysts and positive revenue outlook. The upside potential highlighted by analysts suggests XL stock will continue to thrive in 2021 (opinion not advice). However, the revenue guidance should always be used with caution as the EV market continues to shift and competition grows. The Q4 revenue results for XL Fleet will provide investors further data to either suggest the exponential growth narrative or something different. We will continue to cover XL Fleet as it continues to expand in 2021.

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The information above is not financial advice. Youth Investment Group has no liability for personal financial interests or investment decisions. You should make your own investment decisions based upon your own research and what you believe is best for you.