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Bernstein Turns Bearish On Tesla
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Bernstein Turns Bearish On Tesla

Bernstein on Tuesday downgraded Tesla (TSLA) to Sell from Hold, saying that its high valuation is “mind-boggling” and “difficult to justify”.

At the same time, Bernstein analyst Toni Sacconaghi left the stock’s price target unchanged at $900 (42% downside potential). The analyst stated that “its EV has now matched Toyota and Volkswagen combined (who collectively make 20M cars vs. Tesla at 500K) and is up nearly 500% in less than a year – unprecedented for a large cap stock outside of the tech bubble.” As a result, “Tesla now even looks expensive vs. large cap growth tech,” he added.

Last week, the electric car maker reported higher-than-expected 2Q earnings, after which Piper Sandler analyst Alexander Potter raised his price target to $2,400 from $2,322. Potter reiterated a Buy rating on Tesla and believes that the stock “deserves ‘must own’ status.”

Currently, the Street has a Moderate Sell analyst consensus on the stock with 13 Holds, 12 Sells and 4 Buys. The average price target of $1,257.04 implies downside potential of 18%. (See TSLA stock analysis on TipRanks).

Related News:
Amazon Shares Rise As Analysts See More Upside
Intel Faces Analysts’ Wrath, Stock Slips Over 16%
Verizon (VZ) Stock Looks Attractive After Earnings, Says 5-Star Analyst

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Bernstein Turns Bearish On Tesla
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