Battered Tesla Stock Could Cave In Further As Demand Stutters, Warns Bearish Analyst: '#TheTruthHurts'
Portfolio Pulse from Shanthi Rexaline
Tesla's stock continues to lag behind the broader market recovery, sliding below the $200 mark. Bearish analyst Gordon Johnson from GLJ Research predicts the stock could fall to his price target of $24.33. Johnson also noted that the revamped Model 3, named Project Highland, is not selling well. Tesla's CEO Elon Musk has also raised investor concerns by suggesting macroeconomic factors are impacting the company's fundamentals. Other factors affecting Tesla's stock include On Semiconductor's guidance miss and Panasonic's cut in domestic battery production due to weak demand for Tesla Model S and X EVs.
October 31, 2023 | 5:55 am
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NEGATIVE IMPACT
On Semiconductor's guidance miss may have contributed to the weakness in Tesla's shares. The company sells silicon carbide chips to EV makers and has alluded to increased risk for automotive demand due to high-interest rates.
On Semiconductor's guidance miss and its allusion to increased risk for automotive demand due to high-interest rates may have contributed to the weakness in Tesla's shares. As a supplier to EV makers, any negative news from On Semiconductor can impact the stocks of its customers, including Tesla.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 70
NEGATIVE IMPACT
Panasonic has cut its domestic battery production due to weak demand for Tesla Model S and X EVs, which may have contributed to the weakness in Tesla's shares.
Panasonic's decision to cut its domestic battery production due to weak demand for Tesla Model S and X EVs may have contributed to the weakness in Tesla's shares. As a supplier to Tesla, any negative news from Panasonic can impact Tesla's stock.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 70
NEGATIVE IMPACT
Tesla's stock is predicted to fall further due to poor sales of the revamped Model 3 and macroeconomic factors impacting the company's fundamentals. Other factors include On Semiconductor's guidance miss and Panasonic's cut in domestic battery production.
The bearish prediction from GLJ Research's Gordon Johnson, poor sales of the revamped Model 3, and macroeconomic factors impacting the company's fundamentals are all contributing to the predicted fall in Tesla's stock. Additionally, On Semiconductor's guidance miss and Panasonic's cut in domestic battery production due to weak demand for Tesla Model S and X EVs are also negatively impacting the stock.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100