Everything You Need To Know About Tesla Today

Everything You Need To Know About Tesla Today

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by: Elizabeth Balboa, Benzinga Staff Writer

 

In the last week, Tesla Inc TSLA 3.43% announced a recall of 123,000 Model S sedans; earned a reproof from the U.S. National Transportation Safety Board for having prematurely publicized details into a fatal Model X crash; suffered on-camera exposure of Model X Autopilot failures; and caught a Moody’s downgrade.

It’s no laughing matter, but CEO Elon Musk is taking the struggles in stride.

 

 

April Fools, Musk says, but his ostensible levity about the company’s setbacks doesn't resonate with wary investors. Even some of Tesla’s strongest and longest-held advocates are beginning to second-guess their bullishness.

“When we heard the recall news tonight we asked ourselves, do we still believe in the story?” Loup Ventures managing partner Gene Munster said in a March 29 note. “The answer is yes” — he still regards Tesla a leader in electric and autonomous vehicles, but his “patience is being tested.

Other investors haven’t been so forgiving. The stock is down 28 percent off its 2018 peak and struck one-year lows.

Some Street analysts anticipate continued declines on expected misses in quarterly production figures and a potential doubling of cash burn.

It’s not all doom and gloom, though. Jefferies upgraded Tesla to Hold Monday, although they aren't "quite ready to buy at current level." Barron's also made positive mention of the stock over the weekend.

The stock fell more than 4 percent in pre-market trading to $255.12 at time of publication.

 

© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

 

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3 responses to “Everything You Need To Know About Tesla Today”

  1. mollad says:

    Elon Musk is Love Dude !!!

  2. JohnYeeIP says:

    All I need to know about Tesla? I can't afford one!

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