Tesla (NASDAQ:TSLA) stock was last down 19% to 716.39.
Tesla’s rally of over 300% since early June has been a vindication for Musk, who has transformed a niche car maker with production problems into the global leader in EVs, with US and Chinese factories.
Many investors are skeptical that Tesla can deliver profits, cash flow and growth in the face of competition from established rivals including BMW and Volkswagen. Even many Tesla Bulls question the stock’s valuation following its recent surge.
Following Canaccord’s downgrade, 9 analysts recommend buying Tesla’s stock, while 11 analysts are Neutral and 15 analysts recommend selling, according to Refinitiv.
The median price target of analysts is 390.
I do not recommend that the retail participant play in the Tesla game, it is very risky.