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Tyler Clement
Jun 26, 2023 11:51AM ET
Big banks rigging
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Tesla stock is no longer a Buy at Goldman Sachs; shares slip
Published Jun 26, 2023 03:00AM ET
© Reuters. Tesla (TSLA) stock is no longer a Buy at Goldman Sachs; Shares slip
Goldman Sachs analysts downgraded Tesla (NASDAQ:TSLA) stock to Neutral from Buy following a massive year-to-date rally in the electric vehicle (EV) maker’s stock.
Still, they raised the price target to $248 per share from the prior $185, reflecting increased EPS estimates and a higher target multiple.
The analysts remain positive on Tesla’s long-term growth potential and competitive positioning. However, the 108% YTD rally (+38% in the last month) means that “the stock now better reflects” Goldman’s bullish stance on the EV manufacturer.
“Overall we believe our view that Tesla is well positioned for long-term growth, given its leading position in the EV and clean energy markets (which we attribute in part to its ability to offer full solutions including charging, storage, software/FSD and services with a direct sales model), is now better reflected in the stock,” they said in a client note.
While the downgrade move was mostly driven by valuation, the analysts also highlighted a “difficult pricing environment for new vehicles,” which they believe will hurt Tesla’s non-GAAP gross margin in 2023.
Overall, Goldman remains “positive on EV adoption, and we continue to see the most investing opportunities among our broader set of suppliers, especially those with higher content to enable the shift to EVs and electrification.”
Tesla stock is down 1.4% in premarket Monday.
Goldman’s new price target implies a downside risk of about 3% relative to Friday’s closing price.
This is the 4th downgrade for Tesla stock in June. Morgan Stanley and Barclays analysts downgraded the stock to Equal Weight last week.
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Comments (6)
GreasyDAXhund
Jun 26, 2023 7:40AM ET
Oh no, does that mean I have to go back to tap dancing?
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Howard Austin
Jun 26, 2023 5:36AM ET
Which D!(KS, publish these articles? Awful hedge fund feeds the stories to buy cheaper.
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Okan Atabağ
Jun 26, 2023 4:52AM ET
they wanna buy from deep
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Atlantic Coast Money
Jun 26, 2023 4:14AM ET
Sounds like GS needs to close some bleeding shorts and flip long.
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John Stanton
Jun 26, 2023 3:52AM ET
Interesting article…considering premarket still isnt even open
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Leandro Lopez
Jun 26, 2023 3:52AM ET
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