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Following a 14 percent decline in Tesla Motors Inc (NASDAQ: TSLA) over the last 12 months, Goldman Sachs upgraded the stock to Buy, setting a $250 price target.
Standpoint Research’s Ronnie Moas appeared on CNBC, explaining he doesn't agree with Goldman. Kevin O'Leary also weighed in.
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Round 1: Moas Vs. Goldman
After reading Goldman’s report, Moas said he didn't agree at all.
"There is no way I could look at Tesla and agree with the fact that it has a valuation right now that is the equivalent of Mazda, Fiat, Ferrari and Porsche combined,” he stated. Implying that Tesla and General Motors Company (NYSE: GM) – with its $150 billion in revenue and $5 billion in profit - are at the same level is “ridiculous,” talking about valuation.
Moas maintained a Sell rating and $180 price target on Tesla.
Round 2: O'Leary Vs. Goldman
O'Leary then weighed in. Agreeing with Moas, the investor argued that “gravity will visit Tesla one day.”
“It’s a car company. So what if it has an electric battery? So does BMW now! Lot's of competition is coming in the next three years,” he stated. To this, Moas added while German automakers may have given Tesla a headstart, they wont' sit on the sidelines. By 2020 or 2022, Tesla will face intense competition, he concluded.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.