Tesla was once the darling of Wall Street. Not anymore. Its stock has plunged nearly 40% since the start of 2019, erasing most of the gains it made over the past several years. This week, shares fell below the $200 mark for the first time since 2016.
The automaker's stock has plunged nearly 40% since the start of 2019, erasing most of the gains it made over the past several years. This week, Tesla shares fell below the $200 mark for the first time since 2016. The outlook isn't nearly as bright for a company that once was had faster sales growth than any other auto company in the industry's history. But Tesla recently posted its biggest drop in sales ever.
"Tesla has grown too big relative to near-term demand, putting great strain on the fundamentals."Jonas' note rippled through Wall Street. He's a fan of the company: his price target is $230, 12% above what the stock is trading at now. But he's worried about its basic cost structure in the face of softening demand.
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