Workhorse Group (NASDAQ:WKHS), an electric vehicle (EV) truck manufacturer, is up about 10% from my last article about the company. At the time I wrote how WKHS stock is worth at least 55% more than its price at the time. I still believe that WKHS stock is worth $23.71, nearly 20% higher than $21.38 as of Tuesday, Sept. 9.

White chalk on pavement shows a plug-in electric vehicle.

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When I wrote that article, the stock was trading at $16.89 per share. I discussed how WKHS stock valuation is based on its 10% stake in Lordstown Motors and its ongoing operations. Lordstown is going public via its reverse merger with a SPAC called DiamondPeak Holdings (NASDAQ:DPHC).

This also assumes that we use a high Tesla-like price-to-sales multiple for both the Lordstown stake and the ongoing revenues of Workhorse. It also assumes there is a 33% chance Workhorse can win a portion of the EV portion of the USPS truck replacement contract.

What Analysts Say About Workhorse

Recently Oppenheimer came out with a big “outperform” recommendation on the stock, according to Seeking Alpha. The analyst likes Workhorse’s engineering, which provides its trucks with a weight advantage.

That helps with its flexible manufacturing design model. In addition, the analyst believes that its drone delivery technology gives it an advantage.

Barron’s recently wrote that WKHS stock is becoming a Wall Street favorite. The author says that four of five analysts have the equivalent of a “buy” on the stock.

Barron’s cites Oppenheimer’s analyst Colin Rusch as being particularly excited about WKHS stock. His target price is also at $23 per share.

His thesis is that this EV maker does not compete with Tesla or Nikola. Its specific focus on EV delivery vans