Wedbush Securities analyst and long-standing Tesla (NASDAQ: TSLA) bull Dan Ives has slashed the price target for the electric vehicle (EV) manufacturer, citing mounting pressure on CEO Elon Musk.
When it comes to Tesla (TSLA -10.39%), Ark Invest and Cathie Wood are committed to their analysis, even though it falls far from the conventional wisdom. Wood offered updated guidance in March about Tesla stock that suggests it will hit a price of $2,600 within five years.
Wedbush analyst Dan Ives cut his price target to $315 a share from $550.
One of Wall Street's biggest fans of Tesla Inc. and Apple Inc. slashed his price targets for both stocks Sunday in the wake of recent developments.
After Disastrous First-Quarter Sales, Tesla's Stock Is Down 36% This Year. It Can Go Lower
Dan Ives' Wedbush Securities cut its 12-month price target for Tesla by 43%. The firm cites Elon Musk's activity in Washington and China's backlash to tariffs for the cut.
Wedbush's Dan Ives slashed his Tesla price target by 43%, citing Trump tariffs and Elon Musk brand woes. He also cut his Apple PT.
Wall Street analysts are becoming increasingly bearish on Tesla (TSLA -10.39%). Following the car maker's first-quarter deliveries announcement, Wedbush analyst Daniel Ives called the report a "disaster" and said CEO Elon Musk needs to "get his act together.
Marketing experts say Elon Musk has alienated the eco-conscious customer base who would buy Teslas. Musk, as Tesla's face, has made its vehicles a "negative luxury," a brand expert told BI.
Teslas that have been sold or traded in during the backlash against the company's chief executive have become bargains on lots.
Tesla (TSLA -10.39%) stock ended 2024 with a gain of 63%, partly because of President Donald Trump's November U.S. election win. Investors speculated that a looser regulatory environment -- and CEO Elon Musk's closeness with Trump and his inner circle -- could pave the way for Tesla to bring its autonomous driving and humanoid robotics platforms to market more quickly.
The "Magnificent Seven" stocks currently trade at their cheapest valuation premium versus the remaining 493 companies in the S&P 500 (SNPINDEX: ^GSPC) since 2017, according to Goldman Sachs. But none have fallen more sharply than Tesla (TSLA -10.39%).