Cars.com Chief Analyst Says Drop In Share Price Of Tesla Not Due To Oil Prices
When asked if low oil prices could be causing a sell-off in shares of Tesla Motors Inc (NASDAQ: TSLA), Cars.com Chief Analyst Jesse Toprak told Benzinga that there’s traditionally a strong correlation between the sale of pure electric vehicles and gas prices.
But that’s not the case for Tesla, according to Toprak.
“Vehicles like the Model S from Tesla have been largely immune to this because people who bought Teslas at that price level are not necessarily buying it to save money,” he said.
Looking at a Model S purchase purely from a math perspective, Toprak explained, it doesn’t make sense to spend $80,000 to $100,000 to save a couple of hundred dollars in gas a month.
Toprak noted that a Tesla vehicle is more of a “lifestyle statement” and an “image buy.”
Brianna Valleskey contributed to this report.
Latest Ratings for TSLA
|Oct 2016||Goldman Sachs||Downgrades||Buy||Neutral|
|Sep 2016||Cowen & Co.||Initiates Coverage on||Underperform|
|Jun 2016||Argus Research||Downgrades||Buy||Hold|
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