UPDATE: JPMorgan Starts Nikola Corp. (NKLA) at Neutral, Would Be More Constructive on Pullback
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JPMorgan analyst Paul Coster initiates coverage on Nikola Corp. (NASDAQ: NKLA) with a Neutral rating and a price target of $45.00.
The analyst comments "NKLA is poised to disrupt the transportation industry with rapid deployment of hydrogen infrastructure and FCEVpowered vehicles for use on long haul trucking routes, reducing CO2 emissions meaningfully and positioning the firm for a key role in the future hydrogen economy. The resulting business model could be compelling, however risks are elevated for this pre-revenue company, and the stock looks fully valued here, so we look for a pull-back or incremental positive developments to get more constructive."
Shares of Nikola Corp. closed at $65.35 yesterday.
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