Tesla: Wedbush cuts target price
(CercleFinance.com) - On Thursday Wedbush Securities announced that it has reduced its target price for Tesla shares from $350 to $310, while maintaining an "outperform" rating on them.
The US broker believes that last night's quarterly results presentation did not provide much fuel for bullish investors.
It even goes so far as to describe the conference call that followed the publication as a "mini-disaster", during which Elon Musk focused more on the heavy investments made in autonomous driving and artificial intelligence, or the problems surrounding the manufacture of the Cybertruck, rather than on reassuring investors about Tesla's margins.
Tesla has even left the door open to further price cuts, the broker worries, which acknowledges that the impact of rising interest rates on consumers is a real headache for the electric car maker.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The US broker believes that last night's quarterly results presentation did not provide much fuel for bullish investors.
It even goes so far as to describe the conference call that followed the publication as a "mini-disaster", during which Elon Musk focused more on the heavy investments made in autonomous driving and artificial intelligence, or the problems surrounding the manufacture of the Cybertruck, rather than on reassuring investors about Tesla's margins.
Tesla has even left the door open to further price cuts, the broker worries, which acknowledges that the impact of rising interest rates on consumers is a real headache for the electric car maker.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.