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HSBC initiated coverage on Tesla with a 'Reduce' rating and a $146 price target, leading to a significant drop in Tesla's stock price. The bank expressed skepticism about the Cybertruck and referred to Tesla as a 'very expensive auto company.' This resulted in a nearly 6% drop in stock price and a $39 billion loss in market capitalization, marking one of Tesla's largest daily percentage drops in 2023. The stock continued to slide after hours, falling 5% to $210. HSBC's bearish note significantly impacted Tesla's performance. Meanwhile, other companies such as Rivian, Warner Bros., Lyft, Nvidia, Disney, Instacart, Arm, and Target also experienced notable premarket stock movements.
