Nikola initiated with an Equal Weight at Morgan Stanley

Morgan Stanley analyst Dillon Cumming initiated coverage of Nikola with an Equal Weight rating and $3 price target. The analyst says "tangible evidence of a maturing manufacturing footprint" and comprehensive approach to zero emissions vehicle infrastructure ensures that Nikola will participate in the transition towards a zero-emission vehicle world. However, execution risk and competition from incumbents and start-ups "remains elevated" for the company, the analyst tells investors in a research note.