Major banks say to buy Nikola on the dip, citing confusion over the quarterly results

Major banks say to buy Nikola on the dip, citing confusion over the quarterly results

Nikola Motor Company Badger pickup truck

Source: Nikola Motor Company

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Investors are selling shares of Nikola following the company’s first quarterly report as a public company, but major Wall Street firms think the stock is still a buy, and that the sell-off offers an attractive entry point.

The stock fell more than 15% during early trading on Wednesday. 

“There are catalysts immediately ahead, and we therefore recommend accumulating shares in NKLA,” said JPMorgan, while Deutsche Bank said the the stock continues to offer a “favorable near term set up.” 

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