Elon Musk sees Tesla Inc. becoming bigger than the combined valuation of Apple Inc. and Saudi Aramco one day. Wall Street is saying, not so fast.
The electric-vehicle maker reported lackluster third-quarter results on Wednesday, with revenue and margins missing estimates even as profit beat. This is the first time the company missed revenue estimates since the third quarter of 2021, data compiled by Bloomberg show. Chief Executive Officer Musk also said demand was a “little harder than it would otherwise be,” due to downturns in China and Europe.
The results and the cautious stance on demand prompted multiple analysts to lower their price target on the company on Thursday. The average target on the company stands at $298, according to Bloomberg data, nearly 48% higher than where the stock was trading Thursday morning. Tesla shares sank as much as 9% to $202 in New York on Thursday.
