Roth Capital Downgrades Workhorse Group (WKHS) to Neutral; USPS Contract Award Decision Delayed

(Updated - October 13, 2020 9:30 AM EDT) (updating comment)

Roth Capital analyst Craig Irwin downgraded Workhorse Group (NASDAQ: WKHS) from Buy to Neutral with a price target of $27.00 (from $33.00).

The analyst comments "We received an email communication from the USPS after heavy press coverage of our call indicating confidence in Workhorse's bid for the $8.1bn and 165,000 unit NGDV contract. We noted then the decision day was slated for today, October 13th. A USPS PR spokesperson indicated it now expects a decision by the end of 2020. We always viewed political optics of an award before the election as essential, and now see increased risk for an award."

For an analyst ratings summary and ratings history on Workhorse Group click here. For more ratings news on Workhorse Group click here.

Shares of Workhorse Group closed at $26.44 yesterday.

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