Electric bus startup Arrival lands first bull rating ahead of SPAC closing

• Wolfe Research Group starts off coverage on CIIG Merger Corp. (NASDAQ:CIIC) with an Outperform rating ahead of the company's SPAC deal with Arrival.
• The firm says Arrival is a light and medium-duty van and bus manufacturer that it sees as one the best positioned electrification plays due its favorable short-haul markets and competitive pricing. In particular, Wolfe thinks Arrival's use of microfactories could be a game changer. Full-year profitability is anticipated in 2023.
• Wolfe assigns a price target of $50 to CIIC.
• The CIIC Merger Corp. and Arrival deal is expected to close this quarter.