Workhorse Group is up more than 400% this year. Cowen just nearly doubled its price target anyway

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Workhorse W-15 Electric Pickup Truck.
Source: Workhorse

Shares of electric vehicle maker Workhorse Group have gained more than 400% this year amid a surge in investor interest in the space, and Cowen believes the stock can continue to climb higher.

The firm reiterated its outperform rating on the company, while raising its target to $20 from $11.50. The new target is nearly 30% above where the stock currently trades.