Nikola Corp. (NKLA) PT Lowered to $10 at DA Davidson

DA Davidson analyst Michael Shlisky lowered the price target on Nikola Corp. (NASDAQ: NKLA) to $10.00 (from $12.00) while maintaining a Neutral rating.

The analyst comments "We are maintaining our NEUTRAL rating on NKLA, with a new price target of $10 (from $12) following 2Q:24 earnings. The company stepped-up FCEV deliveries again in 2Q, with 72 in total, and maintained the full-year outlook. We took that to mean NKLA may end up at the higher-end of the range (300-350 units), given strong demand trends. The company noted national fleets taking a look at the FCEV, as well as ongoing openings of H2 stations. At the same time, cash continues to burn ($90M in 2Q, and $256M is left) and we continue to worry about simple issues like the impact of the 2027 EPA emissions standards. We remain on the sidelines, for now."

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