Nikola price target lowered to $10 from $12 at DA Davidson

DA Davidson lowered the firm’s price target on Nikola to $10 from $12 and keeps a Neutral rating on the shares. The company stepped-up FCEV deliveries again in Q2, with 72 in total, and maintained its full-year outlook, but Nikola’s cash also continues to burn with $90M spent in Q2 and $256M left, the analyst tells investors in a research note. The firm adds that it continues to worry about “simple issues” like the impact of the 2027 EPA emissions standards.