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Analyst Gordon Johnson from GLJ Research maintained a Sell rating on Tesla and keeping the price target at $19.05.
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Gordon Johnson has given his Sell rating due to a combination of factors impacting Tesla’s performance. One of the primary concerns is the discrepancy between Wall Street’s delivery estimates and the actual delivery numbers, which Johnson believes are irresponsibly low. Despite potentially higher deliveries, Johnson’s analysis suggests that Tesla is likely to miss the consensus GAAP-EPS forecast for the third quarter.
Additionally, Johnson points out challenges in the Chinese market, where Tesla’s sales, although slightly better than expected, still fall short of last year’s third-quarter levels. The competition from local brands like Xiaomi is also affecting Tesla’s market share. Consequently, Johnson anticipates a year-over-year decline in Tesla’s sales in China, which undermines the growth narrative that many investors associate with the company.
According to TipRanks, Johnson is an analyst with an average return of -6.1% and a 54.69% success rate. Johnson covers the Technology sector, focusing on stocks such as Daqo New Energy, Sunrun, and Enphase Energy.
In another report released on September 15, CFRA also downgraded the stock to a Sell with a $300.00 price target.
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