Shares of Nikola Corp. (NKLA) dropped 3.3% in morning trading Thursday, after Deutsche Bank analyst Emmanuel Rosner spoke positively about the battery- and hydrogen-electric truck maker, but didn't recommend investors buy at current prices. "Nikola offers investors a rare pure way to invest in zero-emission commercial trucks, whose adoption is poised to take off, driven by global regulations," Rosner wrote in a note to clients. "In particular, its fuel-cell solution which bundles electric truck, hydrogen fuel, and full service and maintenance in one contract priced at lower cost of ownership than traditional trucks, could be attractive to fleet operators, and generate solid revenue for Nikola and attractive returns throughout the life of the vehicles." However, Rosner started coverage of the stock with a hold rating and $54 price target, which was 1.1% below Wednesday's closing price of $54.58. The stock has lost 16% over the past month, but was still up fivefold (up 411.5%) year to date, while fellow electric truck maker Tesla Inc. shares (TSLA) have soared 52.2% the past month and 257.2% this year. The S&P 500 has gained 2.8% the past month and slipped 0.6% year to date.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 16, 2020 10:48 ET (14:48 GMT)
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