What's Going On With Tesla's Stock Today?

Tesla Inc’s (NASDAQ:TSLA) stock was trading down nearly 2% Monday afternoon, despite an upgraded price target from Jeffries analyst Phillipe Houchois. Houchois and Jeffries raised their price target to $265 from $185. 

This comes a week after other high-profile price target updates for Tesla’s stock from banks like Goldman Sachs and JP Morgan. At the same time, analysts are expressing caution, with Houchois stating that the factors that dragged Tesla’s stock down more than 60% have not gone away.

Increased Competition: Other electric-vehicle companies, like Rivian Automotive Inc (NASDAQ:RIVN) and Nio Inc - ADR (NYSE:NIO) traded up on Monday, by about 3% and 7% respectively. The Invesco Solar ETF (NYSE:TAN) was also trading up by about 2% Monday.

Rivian’s recent strength (its stock is up more than 80% in the last month) could put pressure on Tesla to give investors updates on its highly-anticipated Cybertruck. Rivian’s primary focus is on its electric pickup offering, which competes directly with Tesla’s planned Cybertruck line. 

Tesla is preparing to release its Q2 earnings next week, Wednesday, July 19 after the close. 

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