Nikola shares got a price target cut from analysts at J.P. Morgan.
J.P. Morgan analysts slashed their price target on the electric carmaker’s shares to $35 from $40 per share.
The investment bank mentioned that it identified execution risks for Nikola following General Motors’ decision in November to sign a memorandum of understanding with the company that was smaller in scale than investors had previously anticipated. General Motors will provide its hydrotec fuel cell system for Nikola's Class 7 and 8 semi-trucks, but not under the exact same terms as announced earlier.
Nevertheless analyst Paul Coster still expects Nikola's news cycle "to be less drama-filled and to turn generally positive," according to TheFly.