NKLA - Nikola is sized up Morgan Stanley after CFO switch

2023-03-28 08:08:53 ET

Nikola ( NASDAQ: NKLA ) is on watch on Tuesday after the electric vehicle maker announced that CFO Kim Brady will retire on April 7 to be replaced by Anastasiya Pasterick, who currently serves as VP & Corporate Controller at the company. Pasterick's track record incldues helping Nikola execute the SPAC merger and being responsible for the overall financial operations of the company, including accounting, reporting, transactional finance and manufacturing finance.

Morgan Stanley said its conversation with the company following the announcement re-affirmed the commitment to accountability, transparency, and a focus on operational execution. Thus, the firm views the announcement as supportive of those efforts.

Overall, analyst Dillon Cumming and team view Nikola's ( NKLA ) dual BEV/FCEV approach, comprehensive & differentiated hydrogen infrastructure efforts, and rapidly maturing manufacturing footprint as supportive of a longer-term commercial position for the company. Morgan Stanley has an Equal-Weight rating on Nikola with the bull case scenario seen being more than a year out.

Shares of Nikola ( NKLA ) fell 0.10% premarket to $1.51 vs. the 52-week trading range of $1.35 to $11.87.

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