Goldman Sachs on Thursday cut its price target on Tesla Inc by 21%, to third low...
- Goldman Sachs on Thursday cut its price target on Tesla Inc by 21%, to third lowest on the Street, on concerns about the sustainability of demand for the electric car maker’s models.
Earlier this month, Chief Executive Officer Elon Musk told shareholders that Tesla was on track to hit its volume production goal for the year and had “a decent shot at a record quarter on every level”. “While there is potential upside surprise from a faster ramp or pull forward of Model Y ahead of schedule, there is likely cannibalization of current Model X and Model 3 product demand with a crossover variant,” Tamberrino wrote in a note.
“We believe that is the largest question for investors to underwrite at this point — what are sustainable demand levels for the Model S, Model X, and Model 3 — and how does that change with the introduction of Model Y production,” Tamberrino said.
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