UPDATE: BTIG Upgrades Nikola Corp. (NKLA) to Buy, 'well positioned to benefit from increasing demand to decarbonize the Class 8 truck market'

(Updated - September 14, 2022 5:32 AM EDT)

BTIG analyst Gregory Lewis upgraded Nikola Corp. (NASDAQ: NKLA) from Neutral to Buy with a price target of $12.00.

The analyst comments "We upgrade NKLA to Buy as we believe NKLA is well positioned to benefit from increasing demand to decarbonize the Class 8 truck market. NKLA plans to roll out its FCEV (fuel cell electric vehicle) next year and continues to develop its H2 fueling infrastructure network in North America (currently has no stations). Our $12 PT implies ~1x 2025 Tre BEV sales (slight premium to EV peers) and ~4x 2025 sales (in-line with peers) for the H2 business (includes FCEV and H2 distribution businesses)."

For an analyst ratings summary and ratings history on Nikola Corp. click here. For more ratings news on Nikola Corp. click here.

Shares of Nikola Corp. closed at $5.03 yesterday.

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