Market News

Tesla Down after Analyst Downgrade

Shares of Tesla (NASDAQ: TSLA) were down in morning trading on Monday after the EV major was downgraded by top-rated Wolfe Research analyst Rod Lache to a Hold from a Buy.

The analyst warned that the collapse of SVB will take time to resolve and availability of credit is likely to tighten. Lache outlined the macro challenges facing the company while remaining positive about its long-term business prospects.

Lache commented, “We believe there’s risk that tech spending will slow down even faster, and there will be larger layoffs. With respect to Tesla and Auto stocks, we don’t believe that a precise view on the Macro outcome is possible at this point in time. Autos are durable goods, and their purchases are deferred when consumers feel less financially secure.”

Analysts remain cautiously optimistic about TSLA stock with a Moderate Buy consensus rating based on 20 Buys, 10 Holds and three Sells.

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