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Tesla's ‘Un-IPhone Moment’ Shows It Can't Be the Apple of Autos

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Tesla's New Online-Only Model Faces Challenges, Morningstar Analyst Says

Tesla Inc.’s $35,000 Model 3 and online-only sales structure mean investors should give up on the idea of the company being to cars what Apple Inc. is to mobile phones.

Barclays equity analyst Brian A. Johnson highlighted the company’s “un-iPhone moment’’ in lowering his price target on the stock to $192 from $210, which represents downside of more than 30 percent from its closing price on Monday. He maintained his underweight rating.