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MarketWatch MarketPulseSep 24, 2020
Nikola's stock tumbles after Wedbush's Ives turns bearish, slashes price target
Shares of Nikola Corp. tumbled 9.3% in premarket trading Thursday, after Wedbush analyst Dan Ives turned bearish on the electric truck maker, saying he now believes the downside risks outweigh any positives. He cut his rating to underperform from neutral, and slashed his stock price target to $15, which is 29% below Wednesday's closing price of $21.15, from $45. The downgrade follows a volatile few weeks, that included a landmark partnership announced with General Motors Co. , a short-seller report and the sudden resignation of Founder Trevor Milton as executive chairman. In a note titled, "The Light has Turned From Yellow to Red," Ives said he still believes Nikola's EV and hydrogen fuel cell ambitions are attainable in the semi-truck market, he now has "serious concerns" that the execution and timing of these goals can stay on track in the coming years. "The recent questions surrounding the Nikola story raised by the bears will be a dark cloud over the stock until answered, especially with no fundamental or delivery catalysts in the near term," Ives wrote in the note. "[N]ikola has made no revenue over the last 4 years, burns cash at a rapid rate, and has some stout competition already off and running in the electric trucking space (Tesla, Daimler)," he added. The stock has still more than doubled year to date through Wednesday, but it has plunged 71.5% over the past three months while Tesla Inc.'s stock has run up 97.9% and the S&P 500 has gained 6.1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



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Yahoo BusinessSep 23, 2020
Tesla Slumps as Battery Day Letdown Clouds $320 Billion Gain
(Bloomberg) -- Tesla Inc.'s highly anticipated "Battery Day" fell short of expectations that helped fuel its $320 billion surge in market value this year, with Elon Musk outlining grandiose goals that will take time to pull off.The chief executive officer laid out a plan Tuesday to build a $25,000 car and cut battery costs in half over the next three years. Analysts said while the technology and manufacturing innovations outlined were impressive, Tesla's valuation already reflected its ability to disrupt and investors may be let down by the lack of surprises at the much-hyped battery-showcase event.This seemed to be the case on Wednesday, as the company's shares fell as much as 11% to $375.88, closing at $380.36 in New York. They're up about 360% for the year so far."With the Battery Day in the rearview, we think there is a lack of upcoming catalysts and are cautious about demand given the recessionary environment," Robert W. Baird's Ben Kallo wrote in a Wednesday report naming Tesla a bearish "fresh pick."That was echoed by Patrick Hummel, an analyst at UBS with a "neutral" rating on the stock, who said in a research note Tesla's leadership in battery technology and costs is fully valued into the stock. "Given the high expectations into the event, we think the market will initially respond negatively to the relatively long timelines of the innovations and the lack of granularity," he wrote.Musk, 49, said Tesla wants eventually to produce 20 million cars a year. He described a series of innovations that inc

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