Tesla shares dropped over 4% in Wednesday premarket trading after another analyst - this time at Baird Equity Research - lowered its price target for the S&P...
Tesla shares dropped over 4% to around $104 in Wednesday premarket trading — its cheapest since August 2020 — after an analyst at Baird Equity Research lowered its price target for the S&P 500 member but maintained its ‘Outperform’ rating.
“We are lowering estimates to be conservative due to recent comments on outlook by Musk and potential for weakening of demand,” said Ben Kallo, Baird senior research analyst, in a note to clients on Wednesday.This is the second price cut in under a week after Wedbush analysts slashed their price target by 30% from $250 to $175 before the Christmas break, citing “demand cracks”, helping make Tesla’s stock suffer its longest losing streak since 2020.
He cited the 2008 global financial crisis placing “tremendous pressure” on carmakers, with both General Motors and Chrysler filing for bankruptcy.
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