![]() “At the same time that Tesla is cutting prices and inventory is starting to build globally in the face of a likely global recession, Musk is viewed as ‘asleep at the wheel’ from a leadership perspective for Tesla at a time investors need a CEO to navigate this Category 5 storm,” Ives wrote.ĭespite softer demand in the near term and the “Musk/Twitter circus show,” Ives said he remains bullish on Tesla as he believes the long-term “transformational” story remains intact as EV demand should accelerate meaningfully in the coming years. While Ives isn’t blaming Chief Executive Elon Musk for the macro and demand “headwinds,” he did take at shot at Musk by saying the Twitter distraction is keeping him from guiding Tesla through them. The stock was headed for the biggest monthly, quarterly and yearly declines on record. The stock has plunged 21.9% amid a six-day losing streak, which is the longest since the six-day stretch that ended March 18, 2020. Tesla’s stock slumped 1.8% to close Friday at $123.15, the lowest closing price since September 2020. Elon Musks car company dropped prices by up to 4.5 for two versions of its Model Y. “The reality is that after a Cinderella-story demand environment since 2018, Tesla is facing serious macro and company specific EV competitive headwinds into 2023 that are starting to emerge both in the U.S. Teslas latest offensive in China has jolted its sharesand those of Chinas homegrown electric-car makers. ![]() ![]() But of the 27 analysts surveyed by FactSet who are bullish on the stock, Ives’ target is now the lowest. Tesla stock looks as unstoppable as the Denver Nuggets, crowned NBA Champions Monday after dismantling the Miami Heat in. He cut his stock price target to $175 from $250, but reiterated the outperform rating he’s had on Tesla since April 2021. Updated June 13, 2023, 5:07 pm EDT / Original June 13, 2023, 12:03 pm EDT. That puts Tesla in danger of missing quarterly delivery expectations for the first time since the second-quarter of June 2019, according to FactSet data. Will report fourth-quarter deliveries in the range of 410,000 to 415,000 EVs, down from his prior estimate of 450,000, and below the FactSet consensus of 429,000. Ives said he now believes the electric vehicle maker Tesla Inc.’s stock rallied 3.6 in premarket trade Tuesday, extending its prior-session gains, when it succeeded in snapping a six-day losing streak to close up more than 7.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |