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Cowen downgrades Workhorse, calls latest move a ‘meme stock spike’

Interior of the Workhorse Group Surefly Octocopter at the Detroit auto show on Tuesday, Jan. 15, 2019 operates with a joystick-like device executives hope will make flying as easy as operating a drone.
Paul Eisenstein/CNBC

Workhorse Group's 57% jump this week is due to a "meme stock spike" and nothing else, Cowen said Friday in a note to clients while downgrading the stock.

The firm cut its rating from outperform to market perform, saying there's little near-term upside ahead for shares following the recent ascent.

"We view shares as fairly valued following the recent rally which we view as not supported by fundamentals or company specific catalysts," the firm said, adding that it sees "no major near term catalysts to buoy shares further."

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