Polestar Assigned No Value By Analysts Cutting Volvo’s Price Target

Sweden’s Volvo Car AB saw its target price cut by more than a third to a new street low after analysts at SEB AB scrubbed the value they assign to the company’s 48% stake in struggling EV maker Polestar.

Volvo Car’s new target price of 28 Swedish kronor per share follows “sizable estimate cuts” and “no longer attributing a value to Polestar,” SEB analysts said in a note to clients. The research team had previously given Polestar an 18 billion kronor ($1.72 billion) valuation.