Electric vehicle start-ups have a big opportunity for success in front of them even as legacy automakers are "moving to a fully EV world," Credit Suisse said in a note Tuesday. The firm is also bullish on one new EV maker in particular, calling its valuation "too attractive to pass up." The firm initiated coverage of the luxury EV company Fisker with an outperform rating and price target of $32. The stock closed at $19.08 on Monday. "While EV sales are increasing, they remain low enough for a new entrant to effectively compete," analyst Dan Levy said in the note. "We believe the combination of current low penetration levels and accelerating uptake provides Fisker with a solid opportunity to make its place in the market." This year, EVs represent 7% of new car sales globally versus 4% in 2020, according to Credit Suisse. The bank expects 34% global EV penetration by 2030.