Nikola upgraded to Neutral from Underperform at Wedbush

Wedbush analyst Daniel Ives upgraded Nikola (NKLA) to Neutral from Underperform with a price target of $25, up from $15. Most of the negative catalysts have now played out, Ives tells investors in a research note. The analyst’s main concerns on Nikola were centered on the shifting General Motors (GM) partnership, Badger “hype” and execution risks. Ives sees a more balanced risk/reward looking forward, however, and believes Nikola’s electric vehicle and hydrogen fuel cell ambitions are attainable in the semi-truck market. Further, the Biden administration and Democratic Senate’s green initiatives “will be massive” around electric vehicle and hydrogen over the coming years and could significantly accelerate Nikola’s build out ambitions, says the analyst.