Wells Fargo has an underweight recommendation on Tesla and a $120 price target, implying nearly 40% downside from Friday's close of $197.88.
Tesla shares are likely to take a hit in the third quarter as the company's strategy of boosting sales by slashing prices loses steam, according to Wells Fargo. The bank forecasts that Tesla will deliver 1.55 million units this year, down 14% year over year and missing consensus estimates by 13%. "We remain concerned with recent moderating trends, across all three key regions ," analysts led by Colin Langan told clients in a research note on Monday.
line Tesla Wells Fargo has an underweight investment opinion on Tesla and a price target of $120 per share, implying nearly 40% downside from Friday's close of $197.88. The electric vehicle maker's shares are down about 17% year to date as of Monday morning trading in the U.S. Electric vehicle adoption in the U.S. and the E.U.
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