Tesla Stock Has Another 33% Downside, According to 1 Wall Street Analyst

Wall Street analyst Toni Sacconaghi from Bernstein Research just put out a report on electric vehicle (EV) leader (NASDAQ: TSLA), and he's not optimistic about the direction of the stock. Sacconaghi maintained the equivalent of a "sell" rating on Tesla shares while dropping his firm's price target from $150 to $120 per share.

The stock has already dropped 27% year to date. If the analyst is proven correct, it still has another 33% to drop over the next 12 months or so. Yet shares were rising Tuesday morning nonetheless.

The stock was rising Tuesday after Tesla CEO Elon Musk seemed to be putting more emphasis on the company's autonomous driving technology. Musk is pushing the company's latest version of its Full Self Driving (FSD) software. Tesla will offer customers a free month of FSD seemingly to try and display its advantages. The service normally costs $199 per month.

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Source Fool.com