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MarketWatch MarketPulseMay 20, 2019
Tesla's stock tumbles toward multi-year low after Wedbush slashes price target, again
Shares of Tesla Inc. tumbled 5.8% toward a 2 1/2-year low in morning trade Monday, after analyst Dan Ives at Wedbush slashed his price target, citing "major concerns" about the trajectory of the electric car maker's growth prospects. Ives kept his rating at neutral but lowered his price target to $230 from $275, less than a month after downgrading Tesla to neutral from buy and cutting his price target to $275 from $365. Ives said he also has concerns over underlying demand for lower-priced Model 3 cars, which is "putting more heat in the kitchen" for Tesla to cut expenses at an accelerated rate with profitability targets in the second half of the year, "a Kilimanjaro-like" uphill climb. The stock, which has traded at the lowest price seen during regular-session hours since Dec. 16, 2016, has plunged 40% year to date through Friday, while the S&P 500 has gained 13.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



Google Business NewsMay 20, 2019
Tesla shares dive below $200 after analyst cites distractions from Elon Musk's 'sci-fi projects' - CNBC
Tesla shares dive below $200 after analyst cites distractions from Elon Musk's 'sci-fi projects'  CNBCWedbush cut its price target on Tesla shares to $230 from $275 on Monday, citing "major concerns" about the growth plan of Elon Musk's electric vehicle ...

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