Nikola defended by Wedbush with 'massive opportunity' in the balance
by Clark SchultzWedbush sees more than 50% upside on Nikola (NASDAQ:NKLA) if the company can execute on its plan.
"While we look forward to management addressing some of these issues, we continue to believe seeing the forest through the trees that Nikola is a story stock now and its all about execution looking ahead through 2023," updates analyst Dan Ives.
"If Trevor and the team can successfully build out its Arizona factory, morph prototypes into models (both on Badger and trucking front), lay the groundwork for its charging network, and catalyze delivery trucking orders with an attractive gross margin structure then the opportunity for NKLA is massive and the stock will reflect this dynamic," he adds.
Wedbush keeps a Neutral rating on Nikola as it waits for the "prove me" story to play out.
Wedbush assigns a price target of $45 on Nikola to rep more than 50% upside from its current level. Shares of Nikola are down 7.28% premarket to $29.79.
Read more about Nikola's effort to play defense against last week's Hindenburg Report.
Now read: Nikola: Assessing Defense Strategy And Potential Fallout From Shortseller Accusations »