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Recent weeks have been tumultuous for Tesla (NASDAQ: TSLA) stock as the electric vehicle (EV) maker experienced a mix of developments driving both buying and selling pressure. Toward the end of September, TSLA shares were climbing on the excitement about self-driving developments and the hopes for a strong third-quarter delivery report.  Early October, however, brought a sharp slide for the stock; it turned out the EV maker shipped fewer vehicles than expected. TSLA stock 30-day price chart. Source: Finbold Analysts have, as could be expected, also chipped in with their outlook for Tesla on the border between September and October. Experts revise Tesla stock price target October 2 witnessed an equal spread of opinions as RBC reiterated its previous ‘buy’ rating for TSLA stock, UBS maintained its ‘sell’ rating, and Truist Securities remained ‘neutral,’ albeit with a 12-month price target increase from $215 to $236. Thursday, October 3, witnessed similar activity, though most of the day’s revisions were at least slightly bearish in the aftermath of the Wednesday report in which Tesla announced it had shipped 462,890 vehicles in Q3, and not 463,310 as was widely expected. On the day, both HSBC and Guggenheim opted for a ‘sell’ rating with the former raising the price forecast from $118 to $124 and the latter decreasing it from $153 to $134. Analysts at JPMorgan (NYSE: JPM) also proved bearish as the banking giant pointed toward the danger of Tesla not growing its vehicle volumes for the first time in its history.  Such an eventuality would be likely to cause many investors to reconsider their TSLA stock investments and, in turn, cause substantial selling pressure. As a result, JPMorgan assigned a ‘sell’ rating to TSLA stock, though it slightly increased the price target from $115 to $130. Finally, unlike its peers, Goldman Sachs…

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Filed under: News - @ October 4, 2024 9:19 am