Futures are pointed to a higher open this morning with the Nasdaq leading the way. After yesterday’s closing bell Apple (AAPL), Alphabet (GOOG), Amazon (AMZN) and Facebook (FB) all reported better than expected earnings. All are up significantly in pre-market trading and giving plenty of steam to the Nasdaq Composite.
The electric vehicle sector has been mixed lately amidst TSLA downgrades. According to Bernstein analyst Toni Sacconaghi, “Tesla shares are far too expensive to recommend after more than tripling in 2020.” The firm lowered its TSLA stock rating to “underperform” on Tuesday and maintained a $900 PT. Although the automaker recently beat earnings and crept closer to inclusion in the S&P 500, its valuation “is mind boggling,” the analyst wrote.
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At more than 30% above its average target price, Tesla shares may well be overvalued. But EV fever is catching on and major players are willing to pay big bucks for it to fulfil their goals of carbon neutrality. Currently up for grabs is a $6 billion federal contract to upgrade and modernize the U.S. Postal Service’s fleet. One company has an excellent shot at winning the contract.
Workhorse Group (WKHS) is one of only four remaining contenders for the USPS contract, according to USPS representatives. Here’s what sets Workhorse apart from the competition:
- It’s the only all-electric solution
- Workhorse’s all electric C-Series delivery trucks received Executive Order: A-445-0003 from the California Air Resources Board, which certifies the C-Series as zero-emission in CA.
- The company recently announced that their C-series electric trucks have officially been deemed eligible for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project program in California.
- Workhorse announced the integration of their Horsefly Drones with their C-Series electric trucks just ahead of the statement from USPS on the potential partnership.
WKHS has been churning out positive news ahead of its earnings call, scheduled to take place on August 10th.
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