2023-06-26 14:09:55
Goldman Sachs Group Inc. followed suit by backing off its bullish view on Tesla shares. This is due to the sharp rise in stock prices this year.
Goldman Sachs’ Mark Delaney downgraded Tesla’s shares to “neutral” from “buy”, citing a sharp rise in stock prices and a decline in new car prices. Tesla’s stock price fell more than 2% at one point on the 26th.
“Prices now reflect more of our positive long-term outlook for Tesla’s growth potential and competitive positioning,” Delaney said. “We also recognize that the new vehicle pricing environment is challenging,” he said.
After recording its biggest annual drop in 2022, Tesla’s stock price has more than doubled since the beginning of the year. The closing price on the 23rd is $ 256.60, and the market capitalization is $ 813 billion (regarding 116.33 trillion yen). The stock is up 38% in the past month alone.
Several analysts were wary of the company’s stock last week. Investors are overly optimistic regarding Tesla’s AI efforts, and the stock is seen as “overbought.”
It’s the fourth time in at least a week that Goldman Sachs and others have downgraded Tesla shares. Earlier cuts were made by Morgan Stanley, Barclays and DZ Bank.
Original title:Goldman Joins Brokers Predicting an End, for Now, to Tesla Rally
(excerpt)
1687800078
#Goldman #Sachs #Downgrades #Tesla #Shares #YeartoDate #Rally #Bloomberg
