Nikola upgraded by JPMorgan on 3 upcoming catalysts after falling 57 from record highs NKLA

Get the Full StoryJPMorgan upgraded Nikola to overweight on Wednesday after the stock fell 57 from its record high to below JPMorgan's price target of 45.

The firm said despite being "a story-stock," Nikola has long-term potential if it's able to execute on its long-term plan.

JPMorgan pointed to three upcoming catalysts that could drive the stock higher, including the expected announcement of an OEM partner to produce Nikola's Badger pickup truck.

JPMorgan also noted that Nikola could fall in the short term as SPAC shares become freely tradeable and can be sold short.

Nikola rode a wave of investor hype surrounding electric-vehicle makers last month, with its stock more than doubling in June.

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Despite calling Nikola "a story-stock," JPMorgan upgraded shares of the company on Wednesday to overweight after they fell 57 from their record-high to below JPMorgan's 45 price target.

The upgrade sent Nikola higher by as much as 28 on Wednesday to 51.50.See the rest of the story at Business InsiderNOW WATCH: Why American sunscreens may not be protecting you as much as European sunscreensSee Also:GOLDMAN SACHS: Buy these 13 stocks that are poised to crush the market within the next 2 weeks as earnings season gets underwayBank of America identifies 3 indicators that could make or break the stock market this summer and warns they're all deteriorating fastA 22-year market vet explains why stocks are headed for a 'massive reset' as the economy struggles to recover from COVID-19 and outlines why that will put mega-cap tech companies in serious danger

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