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

Trevor Milton CEO of Nikola
Massimo Pinca | Reuters

(This story is for CNBC Pro subscribers only.)

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. 

More In Street Calls

CNBC ProBofA upgrades Alliant Energy to buy, saying it will benefit from climate bill
CNBC ProHere are Friday's biggest analyst calls: Rivian, Oracle, Teladoc, Bed Bath & Beyond, Walmart & more
CNBC ProDA Davidson says Teladoc shares are a buy here after nearly 90% rout