Tesla (TSLA) Stock Down ‘Record’ 18.58% Yesterday as Price Target Cut to $380 by RBC

2020-3-17 15:21

Coinspeaker
Tesla (TSLA) Stock Down ‘Record’ 18.58% Yesterday as Price Target Cut to $380 by RBC

Shares of electric-car company Tesla Inc (NASDAQ: TSLA) were slashed on Monday after Wall Street suffered massive losses amid concerns over the economic impact from the coronavirus outbreak which has an impact on the analysts’ price target for TSLA. The stock fell as much as 18.58%. However, in premarket it was a bit up – by 1.78% to $453 after it was announced that said the company plans to operate its Fremont factory on Tuesday, the same day San Francisco’s Bay Area begins a three-week lockdown due to the coronavirus spread.

Also, it announced on Monday that the company began deliveries of its Model Y, its first crossover SUV. With the news, Tesla is said to be meeting expectations of market-watchers and is seen as performing well when a number of automakers are experiencing delays in production over the coronavirus.

Overall Sell-Off Because of Fear

Be it as it may, the stock’s severe fall has happened very most likely because of the market’s overall sell-off on Monday when growth stocks like Tesla were hit particularly hard. But a lowered price target for the stock by a Wall Street analyst likely also played a role in the stock’s decline.

RBC Capital Markets analyst Joseph Spak slashed his 12-month price target for Tesla stock from $530 to $380 on Monday, citing a challenging environment for luxury autos amid the coronavirus panic. He said he now expects Tesla to deliver 364,600 vehicles in 2020, very much below management’s estimation of more than 500,000.

He stated:

“We continue to remind investors automaking is a very capital intensive and cyclical business. We believe this experience could dent the multiple (that) investors will be willing to pay for the Tesla story.”

Wedbush’s Dan Ives called for $1,000 a share, saying there is a “clear momentum around global EV demand inflection heading into 2020 and beyond, with Tesla leading the charge.”

Tesla Stock Price Target: Up to $7,000 per Share?

ARK Investment Management’s Catherine Wood claims Tesla was still undervalued and says the stock could be worth up to $7,000 a share.

The truth is, the global demand for electric cars is on the rise. According to the International Energy Agency, there could be more than 130 million EVs on the streets by 2030. That represents a huge rise from only 5.1 million in 2018.

Morgan Stanley analyst Adam Jones also slashed his price target on the stock from $550 to $480 and commented:

“While acknowledging the situation remains fluid, we are marking to market our forecasts for Tesla in the midst of the COVID-19 pandemic, mainly to adjust for lower expectations of growth outside of China. We believe it is reasonable to assume that sentiment and financial strength will likely in some way be impacted by the sharp correction in global markets as well as the concerns around public safety and interruption in personal mobility.”

Toni Sacconaghi of Bernstein wrote:

“Tesla stock remains high enough that it takes very aggressive assumptions on its future auto business to justify its valuation on a DCF basis.”

He added that the lofty Tesla valuations “reflect a willingness among bulls to ascribe additional optionality to nascent markets such as battery technology, trucking, self-driving, and solar.”

He said:

“A baseline valuation of $300-500 for Tesla’s auto business may be more realistic.”

Musk: Danger of Panic Exceeds Danger of COVID-19

Tesla CEO Elon Musk took to Twitter to warn that the danger of the panic that arose as a result of the COVID-19 outbreak is larger than the danger the virus itself poses to the world.

That said, danger of panic still far exceeds danger of corona imo. If we over-allocate medical resources to corona, it will come at expense of treating other illnesses. Track graph at bottom of this page: https://t.co/7nWKjiZyFn

— Elon Musk (@elonmusk) March 17, 2020

Earlier, the media reported that Musk sent Tesla employees an email telling them it is “totally ok” for them not to come to work if they feel “the slightest bit ill or even uncomfortable,” but noted he will be at work despite the coronavirus.

Tesla (TSLA) Stock Down ‘Record’ 18.58% Yesterday as Price Target Cut to $380 by RBC

Similar to Notcoin - Blum - Airdrops In 2024

origin »

TeslaCoilCoin (TESLA) на Currencies.ru

$ 0.0009294 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0.0009294 - H: $0.0009294
Капитализация $0 Rank 99999
Доступно / Всего 0 TESLA

stock tsla 380 tesla cut down price

stock tsla → Результатов: 94


Tesla’s stock price going to the moon reminds investors of Bitcoin’s $20K run

If Bitcoin’s recent price action has been boring, you should look to Tesla (TSLA). For those that missed the memo, the electric car company headed by the one and only Elon Musk, also CEO of SpaceX, has seen its stock explode by over 300 percent higher since June of 2019 and almost 100 percent in […] The post Tesla’s stock price going to the moon reminds investors of Bitcoin’s $20K run appeared first on CryptoSlate.

2020-2-4 13:15


Bitcoin, Tesla Stocks Both Up 32% YTD, Can Crypto Pull Ahead?

The year-to-date gains of Bitcoin (BTC) and Tesla (NASDAQ:TSLA) are both tied right now at 32% (at time of writing). Curiously, this stock has been behaving quite similar to the crypto markets. Bitcoin Still More Volatile, Shows Potential for Bigger Move The question remains whether bitcoin will be capable of a bigger climb, now that prices have established themselves well above $9,300.

2020-1-29 16:00