Tesla’s (TSLA) stock has been downgraded for the fourth time in a week, and the electric vehicle maker’s stock price is losing momentum.
The latest call on Tesla comes from Goldman Sachs analyst Mark Delaney, who moved the stock from “Buy” to "Hold," although his team boosted Tesla's price target on the stock from $185 per share to $248 per share.
“We’re downgrading shares to neutral from buy, as we believe the stock now better reflects our positive long-term view of the company’s growth positioning,” Delaney’s team noted in a new research note.
“While the primary reason for the change is that we think the market is now giving the stock more credit for its longer-term opportunities post the recent rally, we’re also cognizant of the difficult environment for new vehicles that we think will continue to weigh on Tesla’s automotive non-GAAP gross margin this year,” Goldman analysts noted.
The Goldman downgrade tracks similar calls on Tesla stock since June 21.
Barclays analyst Dan Levy set the stage last Wednesday with a “Buy” to “Hold” call while raising his price target from $220 to $260 per share.
The following day, Morgan Stanley stock analyst Adam Jonas also shifted TSLA from “Buy” to “Hold”, and hiked his Tesla price target from $200 to $250.
On June 23, DZ Bank analyst Matthias Volkert shifted to “Sell” from “Buy” on Tesla shares, with a new $210 price target.
While Tesla shares had fallen by 65% in 2022, the stock has been moving up this year, with TSLA shares rising by 108% through June 26. The stock is holding steady at $256 per share – down 1.47% - despite the barrage of downgrades on Tesla stock in the last five days.
