Tesla downgraded to Peer Perform from Outperform at Wolfe Research

Wolfe Research downgraded Tesla to Peer Perform from Outperform without a price target. The analyst has become "incrementally more concerned about macro challenges." Tesla has already had to cut car prices quite a bit more than expected, and macro challenges are intensifying in ways that could disproportionately affect U.S. electric vehicle makers, the analyst tells investors in a research note. Autos are durable goods, and their purchases are deferred when consumers feel less financially secure, says the firm. In addition, Tesla shares are currently trading within 6% of Wolfe’s prior price target of $185.