Tesla stock drops again after Goldman Sachs downgrades, as yet another Wall Street firm slashes rating

Wall Street continues to grow cautious on an astronomical surge in shares of Tesla this year, with Goldman Sachs cutting the stock to the equivalent of a...

Shares of Tesla Inc. fell in premarket trading on Monday after Goldman Sachs became the latest to warn clients that it may be time to take some profits.

“While... Shares of Tesla Inc. fell in premarket trading on Monday after Goldman Sachs became the latest to warn clients that it may be time to take some profits. “While the primary reason for the change is that we think the market is now giving the stock more credit for its longer-term opportunities post the recent rally, we’re also cognizant of the difficult environment for new vehicles that we think will continue to weigh on Tesla’s automotive non-GAAP gross margin this year,” said the note, written by analysts led by Mark Delaney. The team’s price target was increased, to $248 from $185.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

MarketWatch /  🏆 3. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Don’t hold your breath on David Solomon being axed from Goldman SachsGoldman CEOs go on to become treasury secretaries, governors, and senators when they leave the job. DJ D-Sol will likely be spinning records when he’s through.
Read more »

Bitget Celebrates Messi’s Birthday with Graffiti Wall in His Hometown – Press release Bitcoin NewsPRESS RELEASE. VICTORIA, Seychelles, June 24, 2023 — Bitget, top crypto derivatives and copy trading platform, is honoring its official partner and soccer
Read more »

Drone Footage Shows Tesla Cybertruck Production Well UnderwayTesla is gearing up for mass Cybertruck production at its Giga Texas plant with the installation of two 9,000-pound casting presses.
Read more »

Tesla CEO's tiny house in Texas used as a guest homeInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »

Fire crews save 6-week-old kitten stuck in block wallFirefighters rescued a young feline caught inside a block wall.
Read more »