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MarketWatch MarketPulseJul 19, 2018
Tesla stock falls after Needham downgrades to underperform
Shares of Tesla Inc. are down 1.3% in Thursday trading after Needham analyst Rajvindra Gill downgraded the stock to underperform from hold. His new rating is based on his expectation that Model S and Model X sales will slow given competitive pressures, the expiration of tax credits, and potential cannibalization from the Model 3. He believes that more people are cancelling their Model 3 reservations than in the past. "Based on our checks, refunds are outpacing deposits as cancellations accelerate," Gill wrote. "The reasons are varied: extended wait times, the expiration of the $7,500 credit, and unavailability of the $35k base model." A Tesla spokesman said that the idea that Model 3 cancellations were rising faster than new orders was false, as were Gill's arguments about wait times. Gill also sees the potential for slower improvement in Model 3 gross margins due to the steep cost of manufacturing. Tesla shares are up 2.3% this year, while the S&P 500 has gained 5%.

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