Wolfe starts Nikola with a Peer Perform on continued EBITDA losses

As previously reported, Wolfe Research analyst Scott Group initiated coverage of Nikola with a Peer Perform rating and no price target. While noting that Nikola has a first mover advantage in commercializing hydrogen fuel cell electric vehicles, the firm expects continued EBITDA losses and cash burn for “the next couple of years,” the analyst tells investors. However, the firm adds that Nikola “finally has a stable management team in place” with a well-respected CEO and recently appointed CFO following “years of controversy and management turnover.”