UPDATE: B.Riley Reinstates Workhorse Group (WKHS) at Buy, 'Can Deliver Without the Post Office'
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B.Riley analyst Ryan Pfingst reinstates coverage on Workhorse Group (NASDAQ: WKHS) with a Buy rating and a price target of $20.00.
The analyst comments "We are initiating coverage of Workhorse Group Inc. (WKHS) with a Buy rating and a 12-month price target of $20 per share. We believe Workhorse has the potential to gain early footing with key customers as it ramps up production and sales this year. The company will be beating to market most of the electric competition focused on the delivery space by quarters or years with its C-Series ramp expected this year, and we believe the larger size cargo offers differentiation in the space relative to the smaller-volume vans coming from the large auto OEMs and upstarts. We base our $20 price target on an ~4x EV/sales multiple on our 2023 revenue estimate of $538M, with net cash of ~$42M and ~$199M attributable to the company’s ~10% stake in Lordstown Motor Company."
Shares of Workhorse Group closed at $12.59 yesterday.
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