© Reuters.Investors fear Tesla (TSLA)’s ‘inauspicious’ startMichael Elkins
Wedbush reiterated its $175.00 price target as electric car giant Tesla (NASDAQ:) has outperformed valuations.
Analysts described the sale as “an inauspicious start for the company as it kicks off 2023 after a terrifying 2022.” In particular, China, the world’s largest EV market, is severely cracked, and competition is steadily intensifying.
With China accounting for more than 40% of Tesla’s global growth story, analysts say major concerns over the market could lead to even more significant price cuts in the coming months, boosting demand. thinking about. This could lead to potential price wars to gain market share in a darker macro environment.
CEO Elon Musk continues to sell TSLA shares as his company continues to face headwinds. Investor concerns continue to rise.
Analysts wrote in a note: “When will the Tesla sale end? What’s Tesla’s valuation right? What’s the normalized growth story for 2023 and beyond? Musk is sleeping behind the wheel while he focuses on Twitter.” These are the questions we received many times yesterday from investors who are hitting a breaking point in their stock/story. Quite simply, this is a fork in the road for Tesla in the year ahead. Either it’s a dot, laying the foundation for the next chapter of growth, or you’re at the top of your perch, with your mask leading the way downhill.”
TSLA shares were up 1.20% in pre-market trading on Wednesday.
