Tesla Bulls at Jefferies Say They Got It Wrong This Year
- Slashes price target by 25% after ‘humbling’ stock correction
- However, says current negativity around demand excessive
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One of Tesla Inc.’s biggest fans among Wall Street brokers said the carmaker’s share price decline in 2019 has been “humbling,” slashing its price target by a quarter while still recommending investors buy the stock.
“We got it wrong so far this year, but remain convinced there is significant value,” Jefferies analysts Philippe Houchois and Himanshu Agarwal wrote in a note Friday, cutting their full-year gross profit estimates by 20%. Performance in coming quarters will remain volatile as the company’s manufacturing and model range expand, they said.