Tesla Falls After Goldman Sachs Cuts Price Target
Tesla Inc (NASDAQ: TSLA) shares fell Thursday after Goldman Sachs cut its price target from $200 to $158.
Sustainable demand was at the top of Goldman's concerns.
“We believe that is the largest question for investors to underwrite at this point — what are sustainable demand levels for the Model S, Model X, and Model 3 — and how does that change with the introduction of Model Y production," said Goldman Sachs analyst David Tamberrino. "We believe a downward path for shares will resume as it becomes more clear that sustainable demand for the company’s current products are below expectations.”
Tesla shares traded lower by 3% to $219.44 at time of publication. The stock has recovered a bit during the month of June, but is still down 34% in the year-to-date period.
Tesla's stock has a 52-week high of $387.46 and a 52-week low of $176.99.
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Report: Tesla May Fall Short Of Record Model 3 Production Goal
Latest Ratings for TSLA
Date | Firm | Action | From | To |
---|---|---|---|---|
Feb 2021 | Morgan Stanley | Maintains | Overweight | |
Feb 2021 | Piper Sandler | Maintains | Overweight | |
Jan 2021 | Deutsche Bank | Maintains | Buy |
View More Analyst Ratings for TSLA
View the Latest Analyst Ratings
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