Wedbush Upgrades Nikola Corp. (NKLA) to Neutral; 'Negative Catalysts Have Played Out'
- Wall Street closes lower as virus spike hits travel stocks
- Netflix (NFLX) Tops Q1 EPS by 78c, Subs Miss
- Kansas City Southern (KSU) Soars as Bidding War Brews After Canadian National Railway (CNI) Makes a $33.7 Billion Offer
- Analysts Positive, Raise PTs as IBM (IBM) Tops Market Estimates and Reaffirms Guidance
- Boeing (BA) Down 3% After CFO - Aged 54 - Retires, Seen as an 'Odd' Move
(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."
Shares of Nikola Corp. closed at $23.09 yesterday.
You May Also Be Interested In
- UPDATE: Goldman Sachs Upgrades Norwegian Cruise Line Holdings (NCLH) to Buy
- S4 Capital Plc. (SFOR:LN) PT Raised to GBP6.70 at Jefferies
- Fiore Gold Ltd (F:CN) (FIOGF) PT Lowered to Cdn$2.30 at Stifel Canada
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Upgrades, Upgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!