Workhorse Downgraded on Concerns Over Postal Service Contract Timing

Roth Capital analyst Craig Irwin downgraded electric truck maker Workhorse Group  (WKHS) – Get Report to neutral from buy after a U.S. Postal Service spokesperson told Roth the USPS won’t decide who wins the competition for its next generation of delivery trucks until year-end, he said.

Irwin cut his share-price target to $27 from $33. The stock recently traded at $24.38, down 8.28%. It has skyrocketed 701% so far this year amid the mania for electric vehicle stocks. Analysts’ average price target is $23, according to Bloomberg.

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