JPMorgan analyst Paul Coster downgraded Nikola (NKLA) to Neutral from Overweight with a price target of $30, down from $33.

Following the Q4 report, which provided investors reassurance that the company is "more focused," much of "good news is now priced in the stock," Coster tells investors in a research note.

The analyst believes the story "should heat up again" in mid-to late-2021 if customer orders get announced and as the first fuel cell electric vehicle prototype "comes to life." Coster calls the downgrade a "tactical call" based on the timing of catalysts.