Nikola (NKLA, $10.45) shares price target slashed by half by Wedbush analyst

Nikola   shares got an almost 50% price target cut from Wedbush analyst Dan Ives.

 Ives slashed his price target on the electric truck maker’s shares to $13 from $25.

According to Ives, “much of the Street hype around the Nikola story has been taken out with the slimmed down General Motors  partnership (no ownership stake), sunsetting the Badger product line, and toning down general expectations over the next 12 to 18 months.”

The analyst argued that despite Nikola’s potential, there are concerns that the execution and timing of the company’s  “ambitious goals” stay on track over the coming years.