Nikola Stock Picks Up New Rating From Wall Street. Shares Are Rising.

Battery and fuel cell truck maker


has performed better than a lot of electric vehicle start-ups but that isn’t enough for Morgan Stanley to rate the shares at Buy.

Monday, Morgan Stanley analyst Dillon Cumming initiated coverage of Nikola (ticker: NKLA) stock with a Hold rating and a target of $3 for the price. While he sees evidence that the business model is progressing, he said execution risk—the danger that things won’t go smoothly as management pursues its goals—remains high.