Nikola (NKLA) stock continued its decline on Friday--down another 11.84% to $29.92--and is now trading at a record low since converting from ticker symbol VTIQ to NKLA. While Nikola (NKLA) stock is crashing right now, four Wall St. analysts have an average 12 month price target of $56 per share. Let's take a look!
Cowen - Cowen & Co has a Buy Rating on Nikola (NKLA) stock with a $79 price target. The analyst views Nikola as more than just a truck company and likes the fact that Nikola is outsourcing some components to established manufacturers. This should reduce risk.
Deutsche Bank - Deutsche Bank has a Hold Rating on Nikola (NKLA) stock with a $54 price target. The analyst indicated the potential for large technical selling (which we are currently seeing) due to investors exercising warrants and the registration of stock. Once the price stabilizes, this could potentially create an attractive entry point for investors.
RBC Capital - RBC Capital has a Hold Rating on Nikola (NKLA) stock with a $46 price target. While the analyst cited Nikola's execution risk, they do admit the company is in a unique position with a large addressable market.
JPMorgan - JPMorgan has an overweight rating with a $45 Price Target. This overweight rating was a upgrade from neutral. The analyst sees a lot of reasons to be bullish over the next 12 months including the possibility for timelines to be moved up.
Stocks to Buy - My Nikola (NKLA) 2021 price target is $42. With the stock currently trading at $30, this represents a gain of 40% on your investment. NKLA stock was just trading at $42 a week ago and while we might see downside to as low as $25, NKLA is due for a large oversold bounce.
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