The electric vehicle (EV) industry has had quite a few struggles, and one of the biggest individual strugglers has been Nikola (NASDAQ: NKLA). Beset by a host of troubles, some of its own making, the battery EV (BEV) and fuel cell EV (FCEV) truck maker's shares have fallen into penny stock territory.

At the beginning of May, one prognosticator tracking Nikola's stock cut his price target exactly in half. Interestingly, though, he's not necessarily bearish on its prospects.

The person behind that deep cut was TD Cowen's Jeffrey Osbourne. He reduced his Nikola price target to $0.50 from the previous $1.00. Although that new level implies 14% downside from Thursday's prices, Osbourne maintained his existing hold recommendation on the EV stock.

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Source Fool.com