Nikola price target lowered to $4 from $12 at DA Davidson

DA Davidson lowered the firm’s price target on Nikola (NKLA) to $4 from $12 and keeps a Neutral rating on the shares after its wider than expected Q3 loss. The company continues to grow its deliveries, up to 88 in the quarter, and expects over 100 deliveries in Q4, though beyond the positive commentary on demand, Nikola’s cash balance continues to dwindle, with management noting that it has 5-6 months left, the analyst tells investors in a research note.