(Bloomberg) -- Tesla Inc.’s stock is downgraded by UBS Group AG, on concerns that the US electric carmaker’s shares have risen “too much, too soon” on...
-- Tesla Inc.’s stock is downgraded by UBS Group AG, on concerns that the US electric carmaker’s shares have risen “too much, too soon” on optimism over its artificial intelligence plans.“If market enthusiasm for AI diminishes, this may impact Tesla ’s multiple,” analysts including Joseph Spak wrote in a note, cutting their rating to sell from neutral.
Tesla is among the ten most expensive stocks in the S&P 500 Index, far surpassing the rest of the megacap technology cohort. Before Thursday’s 8.4% slump, Tesla’s shares had soared 44% through Wednesday over an 11-day winning streak on bets that its billionaire founder Elon Musk can transform the company into an AI powerhouse.
Tesla’s last run-up in its shares was supported by revenue expanding at a double-digit clip. On top of sluggish sales and heightened competition, Tesla also shook investors by delaying its keenly anticipated self-driving robotaxi plan to October from August.UBS analysts raised their 12-month target on the stock from $147 to $197, implying an 18% decline from Thursday’s close. They employed a higher price-to-earnings multiple than before to arrive at the new target.
Bloomberg Tesla Artificial Intelligence
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nvidia stock rises as UBS, Wolfe Research raise price targetNvidia (NVDA) shares edge higher Monday as analysts from UBS and Wolfe Research raise their price targets on the chip stock to $150 per share. Market...
Read more »
Albermarle stock falls, UBS cuts price target over lithiumChemical company Albemarle (ALB) — who is a major global provider of lithium for EV batteries — shares are falling in Tuesday's trading after UBS analysts...
Read more »
Spotify downgraded to Sell at Redburn AtlanticSpotify shares were downgraded to Sell with a price target of $230 at Redburn Atlantic. Analyst Agnieszka Pustula writes in their note that 'While Spotify’s ...
Read more »
Visa, Mastercard downgraded at BofA: Analyst explains whyBoth Visa (V) and Mastercard (MA) were downgraded to Neutral from Buy at Bank of America. Jason Kupferberg, the analyst behind this decision, joins Market...
Read more »
Pakistan Stocks Downgraded to Frontier Market by FTSE RussellPakistan was lowered to frontier market status from secondary emerging market by FTSE Russell, dealing a blow to the nation’s equities and potentially driving millions of dollars in outflows.
Read more »
Pakistan Stocks Downgraded to Frontier Market by FTSE Russell(Bloomberg) -- Pakistan was lowered to frontier market status from secondary emerging market by FTSE Russell, dealing a blow to the nation’s equities and...
Read more »