Following Tesla’s disappointing second quarter, which included a significant drop in analyst-claims-tesla-stock-plummets-to-85-following-disappointing-gross-margin-wall-street-responds.html” title=”Analyst Claims Tesla Stock Plummets to Following Disappointing Gross Margin, Wall Street Responds”>gross profit margin due to continuous price cuts, one Wall Street analyst strongly criticizes the EV maker’s stock.
“I firmly believe that Tesla is currently extremely overvalued,” states Craig Irwin, a Tesla bear from Roth Capital Partners, during an interview on Yahoo Finance Live (video above).
Prior to the earnings release on Wednesday, Irwin had set a price target of $85 for Tesla, indicating a potential downside of a staggering 71%.
On Thursday, Tesla shares declined by 3% to $281.55 during pre-market trading. The company’s ticker page was the most active on the Yahoo Finance platform.
The analyst does not rule out the possibility of further reducing his price target due to Tesla’s various profit challenges, which include price cuts and increased investments in AI software and Cybertruck production.
Irwin adds, “We hold a very bearish view on Tesla. We believe that individuals would be better off considering other options, such as traditional auto manufacturers or some of the…
2023-07-20 03:55:41
Link from finance.yahoo.com
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