Shares of Tesla fell Wednesday as one of its most steadfast Wall Street bulls lowered his price target on the stock for the first time since late 2015.
Tesla stock , down 1.2% Wednesday to $269.98, is still trading well above the $240 level where it sat on Oct. 7, 2015, when Baird’s Ben Kallo last downgraded the shares from Outperform to Neutral, lowering his price target by $335 to $282.
“We were wrong,” Kallo wrote. “Disappointing first-quarter deliveries were not sufficient to improve what we believed was overly negative sentiment.” He had seen a better-than-expected delivery release driving the stock higher. Kallo doesn’t foresee an impending cash crunch for Tesla, though he has suggested that the company should raise money via the capital markets this year.
And Kallo remains fundamentally bullish, with his latest price target still nearly 50% above current prices.
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