Market News

Nikola (NASDAQ:NKLA) Scores an Upgrade While Milton Trial Begins

Nikola (NASDAQ:NKLA) has scored a rating upgrade from BTIG to a Buy from a Hold. Analyst Gregory Lewis sees a major upside in the stock with a $12 price target.

Lewis expects concerns about energy security and rising commodity prices to help boost the adoption of hydrogen.

Moreover, a combination of the Inflation Reduction Act and high natural gas prices in the U.S. should help the maker of hydrogen fuel cell-powered trucks.

Separately, the trial of former Nikola CEO Trevor Milton began this week in Manhattan. Milton is charged with misleading investors and defrauding a Utah Ranch owner. Nikola itself paid $125 million in penalties last year in an SEC investigation.

What is the prediction for Nikola Stock?

Overall, the consensus rating for the stock is a Hold alongside an average price target of $9.10 which indicates an 80.91% potential upside.

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