Nikola price target lowered to $14 from $60 at Baird

Baird analyst Ben Kallo lowered the firm’s price target on Nikola to $14 from $60 and keeps an Outperform rating on the shares after the company reported Q2 deliveries of 72 FCEV trucks, exceeding the firm’s estimate of 55 and the high end of guidance for 50-60 units. Liquidity remains in focus for the balance of the year with potential sources including capital markets activity, adds the firm, noting that Nikola continues to execute on its turnaround strategy.