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A Wall Street Analyst Says Tesla Stock Could Plunge 50%. Is It Time to Sell the Stock?
Wall Street analysts are becoming increasingly bearish on Tesla (NASDAQ: TSLA). Following the car maker's first-quarter deliveries announcement, Wedbush analyst Daniel Ives called the report a "disaster" and said CEO Elon Musk needs to "get his act together." However, Ives still has an "outperform" rating and a $550 target on the stock. Wells Fargo analyst Colin Langan, meanwhile, has been far more critical of the stock, with an "underweight" rating and $130 price target on it. Before the deliveries announcement, Langan predicted that the number would disappoint, while also forecasting that its earnings are about to decline. After the electric vehicle (EV) maker's 13% drop in Q1 deliveries, and given that its pricing has been lower, that looks like a pretty sure bet at this point. Langan also isn't sold on Tesla's robotaxi ambitions and its current technology. With expectations for its robotaxi business high, the analyst thinks the company's investors are set up for disappointment. He said anything short of having a paid fleet of robotaxis on the road by June should be viewed as a negative. Continue reading
Wall Street analysts are becoming increasingly bearish on Tesla (NASDAQ: TSLA). Following the car maker's first-quarter deliveries announcement, Wedbush analyst Daniel Ives called the report a "disaster" and said CEO Elon Musk needs to "get his act together." However, Ives still has an "outperform" rating and a $550 target on the stock.
Wells Fargo analyst Colin Langan, meanwhile, has been far more critical of the stock, with an "underweight" rating and $130 price target on it. Before the deliveries announcement, Langan predicted that the number would disappoint, while also forecasting that its earnings are about to decline. After the electric vehicle (EV) maker's 13% drop in Q1 deliveries, and given that its pricing has been lower, that looks like a pretty sure bet at this point.
Langan also isn't sold on Tesla's robotaxi ambitions and its current technology. With expectations for its robotaxi business high, the analyst thinks the company's investors are set up for disappointment. He said anything short of having a paid fleet of robotaxis on the road by June should be viewed as a negative.
