WKHS) has strong long-term growth prospects, there are multiple catalysts that lend near-term upside to its stock, according to Oppenheimer.
He added that Workhorse’s vehicles serve a market estimated at around $18 billion and has consumers who are unwilling to compromise on service.
The analyst believes the company is in a strong position to win the U.S. Postal Service contract for upgrading its delivery fleet of 165,000 vehicles, valued at $6.3 billion.
“Workhorse’s HorseFly drone is the only Unmanned Aerial Systems (UAS) that can be launched remotely from a last-mile delivery vehicle,” Rusch wrote in the note, adding that this advantage is protected by patents and can potentially lower last-mile delivery costs.
ROCE Insights For Workhorse Group” data-reactid=”32″>ROCE Insights For Workhorse Group
Latest Ratings for WKHS
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Sep 2020 | Oppenheimer | Initiates Coverage On | Outperform | |
| Jul 2020 | Colliers Securities | Downgrades | Buy | Neutral |
| Apr 2020 | Roth Capital | Initiates Coverage On | Buy |
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