Are you a Tesla shareholder feeling anxious about the recent drop in Tesla’s stock price after missing first-quarter delivery estimates? You’re not alone. JPMorgan has recently reiterated an underweight rating on Elon Musk’s company, slashing its price target to $115 per share from $130. This forecast represents a more than 34% downside from the previous close of $175.22.
At Extreme Investor Network, we understand the importance of staying informed and making smart investment decisions. While Tesla has already fallen more than 32% in 2024, there may still be further downside potential. Factors such as the EV transition stalling, supply chain disruptions from militia attacks, and increased competition in China have all contributed to the challenges Tesla is facing.
Despite Tesla’s cult-like following and reputation as a leader in the EV and autonomous driving space, JPMorgan believes that the stock is still overvalued. Even at the reduced price target of $115 per share, Tesla would still maintain a market value of $401 billion, surpassing Toyota as the world’s most valuable automaker.
It’s essential to consider all perspectives when evaluating your investment decisions. While JPMorgan, Guggenheim Securities, and Deutsche Bank have all revised their price targets for Tesla following the disappointing delivery numbers, it’s crucial to conduct your research and analysis.
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