JPMorgan Defends Nikola Corp. (NKLA), Upgrades to Overweight
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(Updated - July 8, 2020 5:03 AM EDT)
JPMorgan analyst Paul Coster upgraded Nikola Corp. (NASDAQ: NKLA) from Neutral to Overweight with a price target of $45.00.
The analyst comments "The stock has fallen 40% in July month-to-date (S&P 500 up 1.5%), and could fall some more in the near term when the SPAC shares are freely tradable (and can be sold short), but NKLA stock is now trading below our $45.00 price target and starting to look attractive for long-term investors in view of a number of potential positive catalysts in coming weeks and months. In our view NKLA is currently a story-stock, but we are on board as long as the company executes to plan, and providing the stock offers a favorable risk-reward trade-off."
Shares of Nikola Corp. closed at $41.60 yesterday.
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