March 13, 2024 by MarketNewsData

Tesla’s (TSLA) stock dropped 1.5% following Wells Fargo’s downgrade from Equal Weight to Underweight, with a $75 reduction in the price target to $125 per share.

The analysts criticized Tesla’s performance, citing a lack of growth and potential volume risks due to price cuts. They anticipate challenges from disappointing deliveries and negative EPS revisions.

Despite being a leader in EV technology, Tesla’s performance is seen as weaker compared to its peers. The analysts highlighted concerns about the upcoming launch of the next-gen compact SUV, Model 2, projecting challenging economics for the mass-market vehicle.