Goldman Sachs Drops Bullish Stance On Tesla Stock: Has The EV Rally Hit A Turning Point?
Portfolio Pulse from Piero Cingari
Goldman Sachs downgraded Tesla from a Buy to a Neutral rating, citing the stock's substantial surge as a reason. The firm raised the 12-month price target from $185 to $248, which is lower than Tesla's current market price of $256.
June 26, 2023 | 1:18 pm
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Goldman Sachs downgraded Tesla to Neutral, raising the 12-month price target to $248. The firm believes Tesla's outstanding performance is now reflected in its share price.
Goldman Sachs' downgrade of Tesla to Neutral indicates that the firm believes the stock's outstanding performance is now properly reflected in its share price. This could lead to a short-term negative impact on Tesla's stock price as investors may perceive the downgrade as a sign that the stock is overvalued.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100