Wedbush downgrades Nikola to underperform: 'Downside risks outweigh any positives'

Trevor Milton CEO of Nikola
Massimo Pinca | Reuters

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The uproar surrounding a severely critical short-seller report and the resignation of Nikola's founder makes the stock too risky to own, according to Wedbush. 

The Wall Street firm downgraded the electric truck maker's stock to underperform from neutral and slashed its 12-month price target to $15 per share from $45 per share.