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Tesla stock: Wells Fargo warns of another 30% downside

By: Invezz
tesla stock has 30% downside wells fargo

Tesla Inc (NASDAQ: TSLA) has lost nearly 30% since the start of this year but a Wells Fargo analyst warns the downtrend will continue moving forward.

Tesla stock price target cut to $125

Colin Langan downgraded the electric vehicles behemoth today to “underweight” and slashed his price objective to $125 that suggests another 30% downside from here.

He turned dovish on Tesla stock primarily because growth is moderating for the EV maker in its core markets.

We see downside risk to volume as price cuts are having a diminishing impact. We see headwinds from disappointing deliveries and more price cuts, which likely drive negative EPS revisions.

$TSLA is scheduled to report its first-quarter financial results in mid-April. Consensus is for it to earn 50 cents a share versus 73 cents per share a year ago.

Watch here: volumes to remain flat in 2024

Tesla has reported negative growth in the United States since Q2 and have remained “flattish” in China and the European Union over the past twelve months.

Colin Langan expects volumes to remain flat this year and see a decline in 2025.

The Wells Fargo analyst is now bearish on Tesla shares because price cuts could eventually lead to a “loss of the luxury brand premium” as well. $TSLA does not pay a dividend either.

His research note arrives a month after Ford CEO Jim Farley urged the Wall Street to “stop looking at Tesla” and dubbed his company’s “Pro” business as the “future of the automotive industry” amidst ongoing EV slowdown (read more).   

Tesla Inc (TSLA) Market Update: Key Insights and Projections for the Week Ahead!

🚨Tesla's stock slightly dipped by 0.13% to $177.54, remaining resilient in the face of market fluctuations and inventory concerns.

Barclays upholds an optimistic outlook with a $275 target,…

— Tesla Pablo 🔋⚡ (@pablo9948967714) March 13, 2024

The post Tesla stock: Wells Fargo warns of another 30% downside appeared first on Invezz

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