UPDATE: JPMorgan Downgrades Nikola Corp. (NKLA) to Neutral
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(Updated - March 5, 2021 4:51 AM EST)
JPMorgan analyst Paul Coster downgraded Nikola Corp. (NASDAQ: NKLA) from Overweight to Neutral, PT $30.00 (from $33.00).
The analyst comments "This is something of a tactical move, based on timing of catalysts. The 4Q report and guide provided investors with reassurance that the company is more focused, and has left much of the drama of 2020 behind. Furthermore, the Nikola Tre BEV truck launch is proceeding to schedule and the firm will be selling BEV trucks in 4Q21. This good news is now priced in the stock, so we step aside for now, but we believe the story should heat up again in mid/late 2021 if customer orders get announced, and as the first FCEV prototype comes to life."
Shares of Nikola Corp. closed at $16.03 yesterday.
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