Deutsche Bank Downgrade Rattles Tesla Investors

shares were trading lower by $15 (5 percent) at $264.72 in Tuesday's session. The company was the recipient of a downgrade from Deutsche Bank earlier today. The firm downgraded the issue from Buy to Hold, but raised its price target from $245 to $280, perhaps confusing investors that are trying to follow their recommendations. After a lower open ($275 vs. Monday's close of $279.72), it managed only a $0.20 bounce to $275.20 before collapsing. It reached $260.77 before staging a rebound. The current low coincides with its June 20 low ($260.70). If the decline continues, there may be additional support at its June 23 low ($258.57). Today's decline is taking place on heavier than average volume. So far, 3.4 million shares have changed hands compared with its 20-day average of 3.22 million with over four hours remaining in the session.