Inspenet, June 27, 2023.
Goldman Sachs analysts have downgraded Tesla’s stock from a buy to neutral, after the electric vehicle maker’s share price rose significantly this year.
Despite this revision, they have raised the target price on the shares from $185 to $248, reflecting higher earnings per share estimates and a higher target multiple.
Analysts still credit Tesla’s long-term growth potential and competitive position as positives. However, the impressive 108% rise in share value this year (and 38% in the past month) has led to shares now more accurately reflecting Goldman’s bullish stance on the automaker. electrical.
“Overall, we believe our view of Tesla’s strong position for long-term growth, based on its leadership in the electric vehicle and clean energy markets (attributed in part to its ability to offer end-to-end solutions including charging, storage, software/FSD and services through a direct sales model), is now more accurately reflected in the behavior of the actions”, they mention in a communication addressed to clients.
While the rating downgrade is primarily due to valuation, analysts also highlight the challenging pricing environment for new vehicles, which they expect to impact Tesla’s non-GAAP gross margin in 2023.
Overall, Goldman Sachs maintains a positive outlook on EV adoption and continues to recognize the increased investment opportunities among a broad set of providers, especially those with the greatest ability to ease the transition to EVs and electrification.
Variations in the behavior of Tesla shares
Tesla shares are down 1.4% ahead of Monday’s market open and the new price target set by Goldman Sachs implies a downside risk of approximately 3% compared to Friday’s closing price. .
Notably, Tesla has undergone its fourth stock downgrade in June, as analysts at Morgan Stanley and Barclays also downgraded the stock to “Equal Weighting” last week.
Source: https://es.investing.com/news/stock-market-news/tesla-lowers-after-announcement-goldman-sachs-that-believes-that-it-is-no longer -an-option-of- purchase-2414591
Photo: https://hipertextual.com/2023/05/tesla-invertira-en-publicidad-por-primera-vez-en-su-historia
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