Nikola stock drops after Wedbush’s Ives cuts price target nearly in half

Shares of Nikola Corp.
NKLA,
-6.28%

dropped 1.3% in premarket shopping and selling Monday, after Wedbush analyst Dan Ives chopped his price map nearly in half, citing concerns over execution and timing of company’s “heroic” targets. Ives saved is rating on the electrical vehicle maker at neutral, which used to be raised from underperform in February, but slashed his price map to $13 from $25. On Friday, the stock had bounced 3.3% to shut at $10.98, after closing at a one-year low the old session. “General we tranquil deem the company’s EV and hydrogen gasoline cell ambitions are hittable within the semi- truck market, although we tranquil beget clear concerns that the execution and timing of those heroic targets halt on map over the impending years,” Ives wrote in a existing to clients. “Nikola is a account stock and ‘existing me’ establish for now.” The stock has tumbled 28.1% year to this point thru Friday, while EV chief Tesla Inc. shares
TSLA,
-3.40%

beget won 4.8% and the S&P 500
SPX,
-0.53%

has developed 11.4%. Ives talked about he believes loads of Wall Avenue’s “hype” across the company has been taken out after the slimmed down partnership with General Motors Co.
GM,
-1.41%
,
scratched plans for its Badger pickup and toned-down expectations.

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