Tesla stock has been downgraded by yet another broker after three downgrades last week.
Goldman Sachs (NYSE:GS) on Sunday downgraded Tesla from ‘Buy’ to ‘Neutral’ citing concerns around the recent rally in Tesla’s share price and the challenging pricing environment for new cars.
“The stock now better reflects our positive long-term view of the company’s growth potential and competitive positioning,” Goldman Sachs (NYSE:GS) wrote in a note, as reported by Bloomberg.
“We are also cognizant of the difficult pricing environment for new vehicles.”
The analysts, however, increased their price target on the stock from $185 to $248.
Tesla shares were trading flat shortly after the opening bell on Monday at US$256.
Last week, DZ bank demoted the stock from ‘Buy’ to ‘Sell,’ Morgan Stanley (NYSE:MS) from ‘Overweight’ to ‘Equal Weight,’ and Barclays from ‘Overweight’ to ‘Equal Weight.’
According to Bloomberg, analysts on average now expect Tesla stock to fall 18% in the next year.
Wall Street analysts hold 20 ‘Buy’ ratings, 20 ‘Hold’ ratings and nine ‘Sell’ ratings on Tesla, Bloomberg’s data shows.
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