Analysts at Cowen on Friday downgraded shares of Workhorse Group Inc. to their equivalent of neutral, saying that they view the shares as “fairly valued following the recent rally which we view as not supported by fundamentals or company specific catalysts.” Second and third quarters will be a “critical period” for the company as deliveries of its C1000 electric van ramp up and competition intensifies, they said. “We make no changes to our estimates or $13 price target and … see no major near term catalysts to buoy shares further.” Workhorse stock was part of the rally for “meme stocks,” the Cowen analysts said. Shares of Workhorse have gained 34% this year and 304% in the past 12 months, compared with advances of 12% and 36% for the S&P 500 index.

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