Tesla Stock Has 85% Downside, According to 1 Wall Street Analyst [Yahoo! Finance]
Tesla, Inc. (TSLA)
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Source: Yahoo! Finance
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 Axes Most of Supercharger Team in Blow to Other Automakers [BNN Bloomberg (Canada)]BNN Bloomberg
- Volkswagen's electric car orders double in Europe [CNN]CNN
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- TSLA's page on the SEC website