Tesla Declines for Second Day After Pacific Crest Downgrade
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Tesla Motors Inc. fell for a second day after another analyst downgraded the stock, saying the “bar looks high” for the electric-car maker in this year’s final six months.
The shares’ valuation has climbed to match the company’s strengths in automaking and battery technology, Brad Erickson, a Pacific Crest Securities analyst, said in a report dated July 7. He lowered the rating to sector weight from overweight. The stock’s fair value based on the firm’s 2020 earnings estimate is $293, he said.