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Tesla Stock Has 85% Downside, According to 1 Wall Street Analyst [Yahoo! Finance]
Last tesla, inc. earnings: 4/29 04:11 pm
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US:NASDAQ Investor Relations: ir.tesla.com
price cuts by Tesla in particular (designed to fix the weak demand problem), have cost Tesla more than one-third of its market capitalization. And one analyst thinks things will get worse. Is Tesla stock a sell now? On Tuesday, Tesla bear Gordon Johnson of GLJ Research set a new, lower price target of just $22.86 on Tesla stock -- currently the lowest price target on Wall Street. That target implies an 85% downside over the next 12 months! So what doesn't Johnson like about Tesla stock? Accentuating the negative, Johnson notes sales of Tesla electric cars -- not counting leases -- dropped 20% sequentially in the first quarter, which sounds worse than the actual year-over-year sales decline of 8.5% . Price cuts on the cars Tesla does manage to sell, moreover, continue to get bigger. Johnson forecasts a $2,000 sequential decline in average selling prices. On top of all this, Tesla is laying off workers -- 10% of its workforce, the latest reports claim. (On StreetInsider.com,
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- Tesla lays off charging, new car and public policy teams in latest round of cuts [USA TODAY][USA TODAY]
- Elon Musk says Tesla still plans to grow Supercharging network after eliminating global team, but 'at a slower pace' [Business Insider][Business Insider]
- Tesla's plans to launch full self-driving tech in China could add $2 billion in earnings by 2030 and boost its stock [Yahoo! Finance][Yahoo! Finance]
- Tesla shares drop nearly 6% after Musk cuts about 500 jobs in Supercharger team [MSNBC.com][MSNBC.com]
- Tesla shares drop nearly 6% after Musk cuts about 500 jobs in Supercharger team [CNBC][CNBC]
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