Tesla's Downhill Drive Shows No Signs Of Slowing: What's Dragging The Stock?
Portfolio Pulse from Shanthi Rexaline
Tesla, Inc. (NASDAQ:TSLA) shares continue to decline, with a 3.65% drop to $181.06 on Monday and a further 2.27% decrease in pre-market trading on Tuesday. The stock's downturn is attributed to a downgrade by Daiwa Securities from 'Buy' to 'Hold' and a price target cut from $245 to $195. Additionally, Piper Sandler's Alexander Potter reduced his price target due to concerns over Tesla's aging pipeline and lack of a budget model EV. This comes amid overall market indecision despite recent highs in the S&P 500 Index and the Dow Industrials.
February 06, 2024 | 1:09 pm
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NEGATIVE IMPACT
Tesla's stock continues its downward trend, influenced by a downgrade from Daiwa Securities and a price target cut by Piper Sandler due to concerns over sales volume, profit margins, and product pipeline.
The downgrade by Daiwa Securities and the price target reduction by Piper Sandler directly impact investor sentiment towards Tesla, likely leading to a short-term decrease in stock price. The concerns over Tesla's ability to push volume, expand margin, and refresh its product pipeline are significant factors contributing to the negative outlook.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100