Reuters/Bobby Yip; Business Insider/Dave Smith
- Tesla shares turned higher Thursday after selling off in early trade.
- Shares junped 2%, though were still trading near the lowest level in 2 1/2 years.
- The stock is coming off a six-day losing streak fueled by analysts and investors' concerns about underlying demand, a worry that's plagued the stock for months.
- Watch Tesla trade live.
Tesla's recent sell-off abated Thursday as shares turned higher after a six-day bloodbath. Shares hit a session low of $186.23, the lowest level since December 7, 2016, before jumping 2%.
The stock's losses over the last week come as a slew of major Wall Street firms have lowered their earnings expectations, price targets, and so-called "bear case" targets.
Analysts' urgent commentary in recent sessions, paired with its former largest institutional shareholder dumping most of its stake, reflects a particularly troubling time for the electric-car maker that's long divided the investment community.
Even Baird analyst Ben Kallo, who has long been one of the biggest Tesla bulls on Wall Street, lowered his earnings expectations for the automaker earlier this week and cut his price target for the second time in as many months. He still maintained his "outperform" rating.
"Demand concerns, credibility questions, and messaging/communication (including a recent email announcing 'hard core' cost cuts) have weighed on TSLA shares in recent weeks, and we think it could take several weeks/ months for the narrative to shift," he told clients Tuesday, adding the company's shareholder meeting in June could prove to be a catalyst for shares.
In the last week alone, analysts at Citi, Bank of America Merrill Lynch, Wedbush, and Morgan Stanley have all released scathing commentary about the automaker.
Morgan Stanley's longtime analyst Adam Jonas, who has been neutral on the stock for two years, reduced his bear case price target to a mere $10 from $97, citing concerns over waning consumer demand in China. Jonas has cut his price target four times this year, a far cry from his once-bullish posture.
Wedbush analyst Dan Ives, for his part, cut his price target
Tesla shares have fallen 39% this year.
Now read more Tesla coverage from Markets Insider and Business Insider:
Markets Insider
https://markets.businessinsider.com/news/stocks/tesla-stock-price-25-year-low-7th-day-losses-2019-5-1028225916
2019-05-23 14:19:29Z
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