Tesla Stock Downgraded
Tesla stock downgraded.
More bad news are piling up as Tesla stock was downgraded by Nomura Instinet analyst Romit Shah. Being a huge bull for the company, Mr. Shah believes that Tesla shares are “no longer investable.” He has cut his price target from $400 to $300 and downgraded Tesla stock from Buy to Neutral.
The main reason for such a harsh report is due to the recent behavior of CEO Elon Musk. The Stock Market Info recently reported that Tesla Stock Staying Public after there were rumors that Elon Musk could take the company private. Shah commented that, “Consumers are fickle and we suspect could become scared about buying a Tesla if they believe the company might not be around long term.”
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It is interesting to me that, while blasting the company, Mr. Shah is still hopeful that Tesla “could be a lot bigger than it is today.” Tesla stock has gotten pummeled lately. On August 7th, Tesla shares were worth $379.57. At the time of this writing, Tesla stock is trading at $277.60.