Written by Cláudio Afonso | LinkedIn | X
DA Davidson Michael Shlisky lowered on Monday the firm’s price target on Nikola shares to $10 from $12 while maintaining a Neutral rating. Earlier today, the company announced the opening of a new hydrogen refueling station in Los Angeles, the second one in California.
Based on the last closing price of $8.44 per share, the new price target implies an upside potential of 18.4%.
In a new research note, the analyst highlighted that Nikola ramped up its FCEV deliveries in the second quarter of the year, reaching a total of 72 units and maintaining its full-year outlook.
However, Shlisky said the company continues to face a significant cash burn rate, with $90 million spent in Q2, leaving $256 million remaining.
The firm also expressed ongoing concerns about “simple issues,” such as the potential impact of the 2027 EPA emissions standards. As of the time of writing, Nikola shares are trading 5.3% lower at $7.99 per share.
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Last week, before the earnings results, Shlisky had set a $12.00 price target on Nikola shares to reflect the company’s recent 1-for-30 reverse stock split.
In a new research note, the analyst justified the upside potential of the better than expected sales performance and business developments including new stations and a new hydrogen refueling record recently announced.
In mid-June, when the stock was trading at $0.49 per share, the analyst had reiterated the firm’s rating on the shares while reaffirming the $1 price target — representing an upside potential of 104%.
The Autonomous & Electric Vehicles ETF from Global X has recently filed a new SEC form disclosing that reduced its stake in Nikola by 14.01% in May.
As of the end of the second quarter, the ETF was holding 7,580,959 Nikola shares valued at more than $58.2 million. Previously, in the first three months of the year, holdings reached over 8,81 million shares in the company.
In March, the company inaugurated its first HYLA high-pressure refueling station in Southern California. The Nikola followed up with the opening of a second station in the region two months later.
In July, as the company continues expanding its infrastructure across U.S. and Canada, Nikola’s station located in California achieved a record day by refuelling 28 trucks and dispensing over 850 kg of hydrogen.
Trevor Milton, the founder and former CEO, has recently discreetly quitted his $1 billion lawsuit against several executives of the Arizona-based company.
Written by Cláudio Afonso | LinkedIn | X
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The post DA Davidson Lowers Nikola Price Target to $10, Projects 18% Upside first appeared on EV.