Tesla’s Stock retreats to a year’ low!
Tesla shares are back at January prices.
The stock is down more than 14% over the past week as Wall Street absorbs the implications of Chief Executive Elon Musk’s plan to prioritize growth over profit. It fell more than 3% Wednesday after Jefferies cut its rating on the stock to “Hold” from “Buy.”
Tweet on Tesla
@Tesla shares are back at January prices!
The stock is down more than 14% over the past week as Wall Street absorbs the implications of Elon Musk's plan to prioritize growth over profit#tesla #stocks pic.twitter.com/YZYd4vktLM
— The_Journalbiz (@the_journalbiz) April 26, 2023
Factset chart on Tesla
Jefferies analysts cut their near-term revenue and earnings projections and note “lower returns will be a drag until earnings upgrades start materializing possibly late 2023.”
The stock, after a brutal 2022, had recovered some of those losses and remains up around 26% this year. It’s near levels that would represent its lowest close since Jan. 25, when it ended the day at $144.43, according to Dow Jones Market Data.
