(News Bulletin 247) – Wedbush reaffirms its ‘outperform’ view of Tesla, but removes the electric car maker’s stock from its ‘best ideas list’ and lowers its price target from $300 to $250.
‘Our short-term view of the name is becoming increasingly challenged’, explains the broker, believing that by his ‘dark comedy with Twitter’, Elon Musk has ‘essentially tarnished the Tesla record and stock, and started to potentially impact the brand.
‘Tesla’s positive longer-term vision remains generally unchanged’, he tempers, thinking that ‘the record of production and demand for electric vehicles is only at the beginning of its role in the transformation massive in the automotive world’.
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