Nikola hydrogen day ‘helpful’ in restoring confidence, says JPMorgan

At its hydrogen day on October 8, Nikola (NKLA) disclosed the status of the Nikola Two and Tre Class 8 truck developments as well as the nature of the patented technology that establishes it in a leadership position in applied hydrogen fuel cell electric vehicle mobility solutions, JPMorgan analyst Paul Coster tells investors in a research note.

This was a “helpful step in restoring confidence in the story, says the analyst. Further, a subsequent conversation with the CFO indicates that Nikola is in dialog with several parties to push forward the fuel station initiative, adds Coster. As such, the analyst believes there are still catalysts ahead in 2020 for the shares, foremost of which will be resolution of the General Motors (GM) partnership uncertainty, adds the analyst. Coster keeps an Overweight rating on Nikola with a $41 price target. The stock closed Friday at $24.66.