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Controversial but red hot electric vehicle stock Nikola gets its first legit Wall Street endorsement

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Nikola Motor's Tre semi-truck.
Nikola Motor Company

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Shares of green truck company Nikola Corporation have more than doubled since it went public through a reverse merger on June 4, despite the fact that the company said it won't generate any revenue until 2021. This has brought out its fair share of critics, with some investors labeling the stock as a purely speculative play.

But on Wednesday, the company got its first legitimate Wall Street endorsement when Cowen initiated coverage on the stock with an outperform rating.

While acknowledging that it has "sprinted out of the gates as a publicly traded company" and that it's "likely to be a controversial stock in the eyes of many investors," analyst Jeffrey Osborne said the company is well-positioned to capitalize on the transition to cleaner vehicles.

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