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Technology Stocks : Nikola Corp

NKLA 0.0297

-1.0%

Nov 11 9:30 AM EST

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To: kidl who wrote (53)	7/8/2020 7:54:21 AM
From: kidl	Read Replies (1) of 252

Nikola +8% after JPMorgan talks up long-term potential Jul. 8, 2020 7:35 AM ET\|About: Nikola Corporation (NKLA)\|By: Clark Schultz, SA News Editor Nikola (NASDAQ: NKLA) is on watch after landing an upgrade from JPMorgan to an Overweight rating from a prior position of Neutral. JP calls Nikola attractive for long-term investors even though it's only a story stock at the moment and could fall in the near term as SPAC shares are freed up to trade. The firm also sees points to potential upcoming catalysts. 'We expect a number of developments out of Nikola soon, including announcement of an OEM partner for the Badger truck, an H2 station deployment plan for the UK, potentially accelerated implementation plans for the FCEL truck in the U.S. California’s CARB ACT ruling could lead to accelerated adoption of H2 infrastructure on the West Coast, beyond Nikola’s original plan. We think the stock will react favorably to any developments that shorten and/or de-risk the BEV and FCEL truck implementation plans." A 2021 year end price target of $45.00 is set, which is derived by JP by assigning a 30X forward multiple to the 2027 EBITDA estimates, netting out the assumed net debt as of 2026, and then discount the implied 2026 year-end equity value to year-end 2021 using a 20% cost of equity. Shares of Nikola are up 7.88% premarket to $43.30. It has been a volatile few months for Nikola, with shares running up all the way to $93.99 before retreating back.

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