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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.”

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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.


Image: Tesla