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Nikola Rises on Wedbush Upgrade to Neutral
Nikola could significantly benefit from the Biden administration s environmental policies, Wedbush says.
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While Nikola (
NKLA) - Get Report still has some clear hurdles, a Wedbush analyst upgraded shares of the electric truck maker to neutral from underperform and raised his price target to $25 from $15.
Shares of the Phoenix company were climbing 3.46% to $23.89 Monday at last check. While some clear hurdles remain for Nikola to achieve its hydrogen and semi-truck vision over the next year, analyst Dan Ives said in a note to investors, 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.
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Nikola Corp (NASDAQ: NKLA) has received an upgrade from Wedbush as most of the “negative catalysts” have played out.
The Nikola Analyst: Wedbush analyst Daniel Ives changed his rating to Neutral on Nikola from the previous Underperform and upped the price target to $25 from the earlier $15.
The Nikola Thesis: Ives acknowledged that while some hurdles remain for the Phoenix, Arizona-based automaker, a scenario of a more “balanced risk/reward” on the name has emerged looking ahead.
“We still believe the company s EV and hydrogen fuel cell ambitions are attainable in the semi-truck market,” Ives wrote in a note.
Ives pointed to the completion of Nikola’s prototype trucks in Germany and the build of the Arizona flagship factory as positives and said Wedbush believes that a “strategic hydrogen partnerships could be on the near-term horizon both in the US and across Europe.”
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