Workhorse Group Inc (WKHS): Workhorse Group edges higher after B Ril...

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Dennisb68

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Friday, 04/16/2021 9:24:20 AM

Friday, April 16, 2021 9:24:20 AM

Workhorse Group edges higher after B Riley upgrades on delivery van advantage
Apr. 16, 2021 7:50 AM ETWorkhorse Group Inc. (WKHS)By: Clark Schultz, SA News Editor

B. Riley Securities starts off coverage on Workhorse Group (NASDAQ:WKHS) with a Buy rating.
Analyst Christopher Souther: "We believe Workhorse has the potential to gain early footing with key customers as it ramps up production and sales this year. The company will be beating to market most of the electric competition focused on the delivery space by quarters or years with its C-Series ramp expected this year, and we believe the larger size cargo offers differentiation in the space relative to the smaller-volume vans coming from the large auto OEMs and upstarts."
The firm base its price target of $20 an an ~4X EV/sales multiple off the 2023 revenue estimate of $538M.

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