Shares of Tesla Inc. TSLA, -6.95% sank 4.9% in premarket trading Thursday, after the electric-car maker reported third-quarter deliveries that disappointed investors with high expectations. Analyst Joe Osha at JMP Securities followed by downgrading Tesla to market perform from market outperform and removed his price target (previous $337). Osha said he doesn't know any operational issues that could have prevented Tesla from delivering more vehicle if demand were available. "To put it another way, [late-Wednesday's] announcement was the first time since covering the stock that we found ourselves wondering whether demand growth for [Tesla's] cars might be leveling off," Osha wrote in a note to clients. Separately, Wedbush analyst Dan Ives reiterated his neutral rating and $220 price target, saying the delivery number was "impressive" but "bulls wanted more." J.P. Morgan's Ryan Brinkman kept his underweight rating and $200 price target intact, saying that while deliveries were "slightly higher" than he expected the full-year guidance looks "tough to meet." Ben Kallo at Baird maintained his outperform rating and $355 target, saying the full-year volume guidance is "attainable" as the focus shift to profitability. The stock has gained 3.5% over the past three months while the S&P 500 SPX, -1.00% has lost 3.6%.
https://www.marketwatch.com/story/teslas-stock-sinks-after-deliveries-report-jmp-downgrades-on-demand-concerns-2019-10-03
2019-10-03 12:46:00Z
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