NKLA - Why Nikola Screeched to a 13% Loss on Monday
Next-generation truck maker Nikola (NASDAQ: NKLA) , still reeling from a tough session on the stock market Friday, saw its shares tumble even harder on Monday. The stock absorbed a 13% hit following a fresh price target cut from an analyst.
That analyst is Chris McNally from Evercore ISI. Early Monday morning, McNally reduced his Nikola price target to $10 per share from the previous $14. Despite that move, the prognosticator is maintaining his in line (i.e., hold) recommendation on the stock.
The reasoning behind McNally's move wasn't immediately clear, but he's not the only professional stock researcher who is skeptical of Nikola's prospects.
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Why Nikola Screeched to a 13% Loss on Monday