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Investors have shown a lot of love for all manner of electric vehicle manufacturers in 2020. Workhorse ( WKHS ) has been a prime beneficiary, with shares up by a massive 645% since the turn of the year. Part of investors’ interest in the WKHS story has rested on the company’s potential to land a lucrative U.S. Postal Service contract. The USPS is in the process of replacing its iconic yet aging white right-hand-drive delivery trucks and Workhorse is the only contract bidder left offering an all-electric option. Overall, three companies are still in contention for the $6.3 billion 165,000 vehicle award. The decision on who the contract will go to had already been delayed to 4Q20, but now it appears the postal service has delayed the contract’s award further back - to 1Q21. While investors were obviously left disappointed by the delay, Oppenheimer analyst Colin Rusch says it does not alter his Workhorse thesis. “We dont believe a delay in this announcement changes the dynamics for WKHS in potentially winning a portion of the business,” the 5-star analyst commented. “As the only US-based full EV supplier remaining in the bid, we believe the company remains well positioned to win a sizable portion of the contract. At the same time, we believe activity among buyers of last-mile delivery vehicles is accelerating and that WKHS could see additional customer wins before year-end.” Workhorse has had supply chain issues to contend with recently, mostly related to shortages at its battery suppliers. As these issues subside, Rusch sees a “solid backdrop for WKHS to ramp non-USPS sales.” Therefore, with a WKHS model that “does not assume any impact from USPS award until 2Q22,” Rusch reiterates an Outperform (i.e. Buy) on the shares. However, the analyst expects shares to remain range bound for the foreseeable future as indicated by his $23 price target. (To watch Rusch’s track record, click here ) Overall, Wall Street is torn when it comes to whether to sing this vehicle firms praises or assess with an apprehensive gaze, as according to TipRanks, out of 4 analysts, half are bullish on WKHS stock while half remain sidelined. ( See WKHS stock analysis on TipRanks ) To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy , a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment. View comments
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