Elon Musk has bigger problems than "super rude" customers and exploding SpaceX rockets. Tesla's stock has crashed and burned too.
Tesla (TSLA) stock is down more than 25% so far this year. It hit its lowest level since February 2014 on Wednesday.Wall Street has grown increasingly skeptical about the company in recent weeks.Adam Hull, an analyst with European investment bank Berenberg, initiated coverage on Tesla Wednesday with a sell rating.Pacific Crest analyst Brad Erickson said in a report Tuesday that investors should "avoid" Tesla stock. He cited concerns about sluggish demand for the company's new Model X crossover.And even longtime Tesla bull Adam Jonas of Morgan Stanley is suddenly feeling a little less optimistic about the electric car company. Jonas cut his price target from $450 a share to $333 on Monday.That's still more than 80% higher than Tesla's current stock price. But Jonas conceded that Tesla could be hurt by the continued plunge in oil prices as well as increased competition in the race to create an autonomous, or self-driving, car.Tesla is working on a "cheaper" electric car called the Model 3. It is expected to cost around $35,000.
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