Tesla: no longer a best pick for Wedbush

(CercleFinance.com) - Wedbush has confirmed its "outperform" rating on Tesla shares, although has removed the electric carmaker's stock from its "best ideas list" and has cut its target price for the share from 300 dollars to 250 dollars.


"Our near term view of this name is increasingly becoming more challenged," the broker says, believing that through his "dark comedy show with Twitter", Elon Musk has "essentially tarnished the Tesla story/stock, and is starting to potentially impact the Tesla brand".

"The longer term bullish view of Tesla remains generally unchanged," it moderates however, believing that "the EV demand and production story are still in the early days of playing out as part of a massive transformation to the auto world".

Note that the share is up 8% just before the opening bell today.


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