Wells Fargo downgraded Tesla ($TSLA) from Equal Weight to Underweight with a price target of $125, citing diminishing impact of price cuts on demand. This led to disappointing deliveries, lower lease residuals, and potential loss of luxury brand premium. Tesla shares extended losses, down 2.6%, following the downgrade. NVIDIA ($NVDA) also saw declines after Wells Fargo's downgrade on Tesla, with shares falling 1.2% in early trade and later down 3.3%. UBS also cut Tesla's target price to $165 from $225, expressing concerns about slowing EV demand and competition from China. Both Tesla and NVIDIA faced significant drops in share prices.
$TSLA ❖ TESLA SHARES DROP 4.5%
NVIDIA FACES STOCK DOWNTURN: STABILITY AI'S BENCHMARK SHOWS INTEL GAUDI 2 EDGING OUT NVIDIA'S H100, SHARES SLUMP 3.29%
Elon Musk’s Tesla is now a "growth company with no growth," Wells Fargo writes in scathing downgrade. https://t.co/YdgRM4boFI
$TSLA price target cuts in the past week: * Deutsche: $250 --> $218 * Wells: $200 --> $125 * UBS: $225 --> $165 https://t.co/Zmz3nYKqxM
$NVDA ❖ NVIDIA SHARES DOWN 1.2% PREMARKET AFTER REUTERS REPORTS INTEL, QUALCOMM, GOOGLE EXECUTIVES SAY THEY PLAN TO BATTLE CO'S AI SOFTWARE DOMINANCE THROUGH UXL FOUNDATION
$TSLA: UBS cuts target price to $165 from $225 "Concerns mounting, but will multiple crack? Aside from slowing EV demand and China competition, concerns include: 1) Unit growth re-acceleration depends on affordable (~$25k starting price) Model 2, but this would be a "late"…
TESLA SHARES DOWN 0.8% PREMARKET AFTER CLOSING AT NEAR 10-MONTH LOW ON WEDNESDAY
Has $TSLA, once hailed as an auto industry trailblazer hit the brakes on its momentum? @carlquintanilla, @davidfaber, and @michaelsantoli consider Wells Fargo's downgrade of the name, declaring the carmaker a "growth company with no growth." https://t.co/LK43HnEVAx
Tesla’s stock extends selloff as Wells Fargo joins the bear camp https://t.co/AHAvJSGrzx
Wells Fargo downgrades $TSLA after seeing my $100k Cybertruck loan https://t.co/mClupM2etn
Tesla a ‘growth company with no growth,’ Wells Fargo says https://t.co/lvBAmLJ36E
$NVDA ❖ NVIDIA SHARES EXTEND DECLINES, LAST DOWN 3.3%
NVIDIA SHARES EXTEND DECLINES, LAST DOWN 3.3%
$TSLA $NVDA ❖ TESLA SHARES DIP 2.2% AFTER WELLS FARGO DOWNGRADES TO UNDERWEIGHT, CUTS PT ❖ NVIDIA SHARES FALL 1.2% IN EARLY TRADE
$TSLA ❖ TESLA SHARES EXTEND PREMARKET LOSSES, LAST DOWN 2.6%
$TSLA: Wells Fargo Downgrades to Underweight from Equal Weight - PT $125 (from $200) "We downgrade TSLA from EW to UW. We see downside risk to volume as price cuts are having a diminishing impact. We see headwinds from disappointing deliveries & more price cuts, which likely…
WELLS: We expect $TSLA volume “to disappoint as [price] cuts are having a diminishing impact on demand. .. In the wake of px cuts are lower lease residuals, disgruntled customers & the possible loss of the luxury brand premium.” Cuts to Underweight, $125 target (prior $200) https://t.co/OlVxXYjTsQ