Analyst Rod Lache downgraded Tesla shares to peer perform from outperform. Lache maintained his price target of $185.
Macroeconomic concerns around Tesla are starting to mount, according to Wolfe Research. Analyst Rod Lache downgraded Tesla shares to peer perform from outperform. Lache maintained his price target of $185, implying 6% upside from Friday's close price. "Tesla has already had to cut prices quite a bit more than we expected. And we worry that macro challenges are intensifying in ways that could disproportionately affect US EV makers," Lache wrote in a Monday note.
"The continued downturn in the Tech Sector [is] potentially now exacerbated by the implosion of SVB. We'd note, for example, that California accounted for ~1/3 of US EV sales in 2022 . And the tech industry accounts for roughly 20% of California's economy. We believe there's [a] risk that tech spending will slow down even faster, and there will be larger layoffs." said Lache.
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