Shares in Tesla Inc could fall by a fifth in value if the U.S. Securities and Ex...
- Shares in Tesla Inc could fall by a fifth in value if the U.S. Securities and Exchange Commission’s latest attack on Chief Executive Officer Elon Musk sees the regulator again push for his removal, according to J.P. Morgan analysts.
In a court filing on Monday, the regulator pointed to a Musk Feb. 19 tweet: “Tesla made 0 cars in 2011, but will make around 500k in 2019,” noting that Musk did not seek or receive pre-approval before publishing this tweet, which was inaccurate and disseminated to over 24 million people. Brinkman said that could push Tesla shares back to close to a one-year low. Tesla shares reached $244.59 last April, their lowest since early 2017 and more than $50 below Monday’s close of $298.77.
Thirteen of 32 Wall Street brokerages now rate the electric car company a “buy” or higher. Eight view it as a “hold” and 11 “sell” or lower, with a median PT of $327.50
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