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<blockquote data-quote="Weather Man" data-source="post: 16583009" data-attributes="member: 137766"><p><a href="https://seekingalpha.com/news/3664964-nikola-stock-falls-as-cfra-points-to-execution-risk-in-bearish-initiation" target="_blank">Nikola stock falls as CFRA points to execution risk in bearish initiation</a></p><ul> <li data-xf-list-type="ul">CFRA starts off coverage on Nikola (<a href="https://seekingalpha.com/symbol/NKLA" target="_blank">NKLA</a> -8.2%) with a Sell rating.</li> <li data-xf-list-type="ul">Analyst Garrett Nelson: "With no revenue and no profitability in sight, but with a growing backlog, NKLA has its work cut out to justify its current valuation of ~$20 billion and is presently more of a business plan than a revenue-generating business. We see significant execution risk, but recognize its considerable market potential and the corporate appetite for carbon footprint reduction. Furthermore, we believe Tesla has established a significant first-mover advantage in electric vehicles, and following the launch of its semi truck later this year, it will become a preferred supplier to the Class 8 commercial truck market that NKLA intends to target."</li> <li data-xf-list-type="ul">Nelson and team view NKLA's targeted gross profit range of 20% to25% as ambitious and not reflecting the high fixed cost nature of vehicle manufacturing for smaller, niche OEMs in particular. A string of losses are projected with Nikola forecast to see EPS of -$0.70 for 2020, -$1.45 for 2021, -$1.40 for 2022, -$1.15 for 2023 and -$0.90 for 2024. The firm's price target on Nikola is $15.</li> <li data-xf-list-type="ul">Earlier today, Nikola <a href="https://seekingalpha.com/news/3664823-nikola-updates-on-fuel-cell-commercial-truck-program" target="_blank">updated on its fuel-cell commercial truck program</a>.</li> </ul></blockquote><p></p>
[QUOTE="Weather Man, post: 16583009, member: 137766"] [URL='https://seekingalpha.com/news/3664964-nikola-stock-falls-as-cfra-points-to-execution-risk-in-bearish-initiation']Nikola stock falls as CFRA points to execution risk in bearish initiation[/URL] [LIST] [*]CFRA starts off coverage on Nikola ([URL='https://seekingalpha.com/symbol/NKLA']NKLA[/URL] -8.2%) with a Sell rating. [*]Analyst Garrett Nelson: "With no revenue and no profitability in sight, but with a growing backlog, NKLA has its work cut out to justify its current valuation of ~$20 billion and is presently more of a business plan than a revenue-generating business. We see significant execution risk, but recognize its considerable market potential and the corporate appetite for carbon footprint reduction. Furthermore, we believe Tesla has established a significant first-mover advantage in electric vehicles, and following the launch of its semi truck later this year, it will become a preferred supplier to the Class 8 commercial truck market that NKLA intends to target." [*]Nelson and team view NKLA's targeted gross profit range of 20% to25% as ambitious and not reflecting the high fixed cost nature of vehicle manufacturing for smaller, niche OEMs in particular. A string of losses are projected with Nikola forecast to see EPS of -$0.70 for 2020, -$1.45 for 2021, -$1.40 for 2022, -$1.15 for 2023 and -$0.90 for 2024. The firm's price target on Nikola is $15. [*]Earlier today, Nikola [URL='https://seekingalpha.com/news/3664823-nikola-updates-on-fuel-cell-commercial-truck-program']updated on its fuel-cell commercial truck program[/URL]. [/LIST] [/QUOTE]
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