Market Overview

Workhorse Has The Edge Among EV Delivery Trucks, Oppenheimer Says

Workhorse Has The Edge Among EV Delivery Trucks, Oppenheimer Says

While Workhorse Group Inc (NASDAQ: WKHS) has strong long-term growth prospects, there are multiple catalysts that lend near-term upside to its stock, according to Oppenheimer.

The Workhorse Analyst: Colin Rusch initiated coverage of Workhorse with an Outperform rating and a price target of $23.

The Workhorse Thesis: The company’s electric last-mile delivery truck platform offers the benefit of vehicle design iterations as well as a substantial competitive advantage of supporting a flexible manufacturing model, Rusch said.

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.

Workhorse inked an intellectual property licensing agreement with EV startup Lordstown Motors. As Workhorse scales manufacturing, it could leverage Lordstown’s capacity to reduce capital needs, he noted.

WKHS Price Action: Shares of Workhorse had declined by 5% to $17.85 at the time of publication.

Related Links:

ROCE Insights For Workhorse Group

What Does Workhorse Group's Debt Look Like?

Latest Ratings for WKHS

Nov 2020RF LaffertyInitiates Coverage OnBuy
Oct 2020Roth CapitalDowngradesBuyNeutral
Sep 2020OppenheimerInitiates Coverage OnOutperform

View More Analyst Ratings for WKHS
View the Latest Analyst Ratings


Related Articles (WKHS)

View Comments and Join the Discussion!

Posted-In: Colin Rusch electric vehicles EVs OppenheimerAnalyst Color Price Target Initiation Analyst Ratings Best of Benzinga

Latest Ratings

NBHCDA DavidsonDowngrades
INTUCredit SuisseMaintains385.0
ROSTCredit SuisseMaintains126.0
WDAYCredit SuisseMaintains230.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at