After the statement, shares of electric truck manufacturer Workhorse rose
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Shares of Workhorse Group Inc. (WKHS) surged nearly 12 percent on Monday to end the trading session at $28.87. The commercial electric vehicle and logistics services company got a price lift last week receiving positive remarks by an analyst firm. Thanks to the investment firm R.F. Lafferty, this initiated its recommendation with a “Buy” rating for the stock.
Analyst Jamie Perez (Jaime Perez) said that Workhorse is the pioneer in the U.S. market for commercial electric vehicles, having proven technologies. There are approximately 400 Workhorse electric vehicles currently on roads, covering more than 8 million km in total. Although Workhorse has no rivals as the analyst stressed that the Tesla Cybertruck is still a prototype and is not mass-produced. At the same time, by 2022, Workhorse plans to manufacture 1,800 C-Series vans, although this target could be reached by the company as early as 2021.
Against the backdrop, R. F. Lafferty recommended the purchase of shares in Workhorse and set a target price of $29 for WKHS stock.
There is nothing new about this evaluation in general, because Workhorse is really capable of taking part in the small commercial vehicle market in the United States. The company has a much stronger rival, Tesla, in the pickup market. However as a commercially efficient transport for medium and small enterprises, Workhorse vans built from third-party components will occupy their niche. Competition remains a possibility, and the leadership of Workhorse, even in a narrow segment, can not last long.
After getting encouraging recommendation, Workhorse Group Inc. (WKHS) stock was at a gain of nearly 45 percent over the week on Monday. Over the past six months, company’s stock is up 981% while its year to date performance remained up about 849 percent. The Loveland, Ohio-headquartered company has a current market capitalization of $3.07 billion.