Truist downgrades Tesla on diminished value of core business

Truist downgraded Tesla to Hold from Buy with a price target of $154, down from $245. The analyst says lower pricing and margins diminish the value of Tesla’s core automotive business. The company’s "brazen willingness to accept lower product margins" is a negative for shares, the analyst tells investors in a research note. The firm believes Tesla’s reduced pricing trends amplify the importance of its artificial intelligence businesses.