Wedbush Upgrades Nikola Corp. (NKLA) to Neutral; 'Negative Catalysts Have Played Out'

February 1, 2021 4:58 AM EST
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Price: $9.65 -6.22%

Rating Summary:
    3 Buy, 6 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 7 | Down: 16 | New: 68
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(Updated - February 1, 2021 7:01 AM EST)

Wedbush analyst Daniel Ives upgraded Nikola Corp. (NASDAQ: NKLA) from Underperform to Neutral with a price target of $25 (from $15).

Ives commented, "Our main concerns around the Nikola story since September were centered on the shifting GM partnership, Badger hype, and execution risks post the Trevor departure. While some clear hurdles remain for Nikola to achieve its hydrogen and semi-truck vision over the next year, we believe most of the negative catalysts we were fearing have now played out in the market with a more balanced risk/reward on the name looking ahead. Overall we still believe the company's EV and hydrogen fuel cell ambitions are attainable in the semi-truck market. Importantly, we also believe in a Biden Administration and Blue Senate the green initiatives domestically will be massive around EV/hydrogen endeavors over the coming years and could significantly benefit and accelerate Nikola and its Arizona factory footprint build out ambitions."

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 $23.09 yesterday.

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