Risks not baked into Nikola's valuation, Deutsche Bank says in coverage initiation

Nikola Motor Company Badger pickup truck
Source: Nikola Motor Company

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Investors might continue to pile into shares of Nikola as consumers look for a way to capitalize on the growing electric vehicle theme, but there are risks facing the company, Deutsche Bank said on Thursday.

The firm initiated coverage on the stock with a neutral rating, pointing to the fact that Nikola has yet to produce a single vehicle for sale.