The Tesla CEO is using 'diversionary moves' to distract investors from disappointments, says Jeffrey Sonnenfeld.
Shares of Tesla have soared more than 25% since the beginning of June. However, the stock was still off about 32% for all of 2019 based on Monday's close of $227 per share.to be a genius, " Sonnenfeld said of Musk. "Yet we see he's disappointing on so many fronts."
Tesla is currently trying to balance cutting costs, erasing debt and meeting demand, said analyst Dan Ives, who follows the company for Wedbush Securities. He was part of the CNBC interview with Sonnenfeld. Wedbush has a neutral rating on the stock and a 12-month price target of $230 per-share. "What we're cautious on is potentially another leg down, specifically on that guidance number," Ives said. "I think they're going to have to rip the band-aid off and lower guidance on units for the year."
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