Tesla stock down due to crash in Utah.
At the time of this writing, Tesla stock is down over 3% due to a crash in Utah and an analyst at Morgan Stanley cutting his target price.
The Tesla car driver said that she was looking at her phone prior to the collision. She also stated that the semi-autonomous Autopilot mode was on when she hit a truck and was at a speed of 60 mph.
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Morgan Stanley’s Adam Jonas became very negative on Tesla stock by reducing his $376 price target to $291. Mr. Jonas stated that “We are making material reductions to our earnings estimates to reflect lingering manufacturing issues with the Model 3. It is our view that the challenges in ramping up Model 3 production reflect fundamental issues of vehicle design, manufacturing process, and automation levels that can weigh against the profitability of the vehicle.”