Tesla shareholders are furious at CEO Elon Musk for distracting himself with Twitter as the electric car company’s stock loses 60% of it’s value over the past year. Jayar Jackson and Adrienne Lawrence break it down on The Watchlist. Watch LIVE on weekdays at noon ET.
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“A growing chorus of Wall Streeters covering Tesla’s stock are becoming more cautious on the name heading into 2023, adding to a brutal month and year.
EvercoreISI analyst Chris McNally slashed his price target on Tesla’s stock to $200 from $300 on Tuesday, joining bearish takes in the past week from Goldman Sachs, Wedbush, and Oppenheimer.
“While we continue to view Tesla as having a leading EV gross margin advantage from global scale, vertical integration, and US IRA [Inflation Reduction Act] benefits, it is impossible to ignore that investors are already well aware of these benefits but now must ALSO battle test demand assumptions for 2023-2025,” McNally said in a new note to clients.
Tesla shares fell another 8% in Tuesday trading, closing at a low not seen since late 2020.
Added McNally: “While a positive revision cycle may not be done forever (IRA a powerful unit/margin amplifier), it’s hard to ignore the prevailing Tesla thesis drift from 1) Unlimited demand/Rev to 2) Margin ‘story,’ that has occurred over the last 6-12 months.”
McNally’s take comes after a frenzied day for Tesla investors.
Shares of the EV maker opened up on Monday amid hopes CEO Elon Musk would step down from the same post at Twitter.”
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