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MORGAN STANLEY CUTS ITS PRICE TARGET ON TESLA, STOCKS FALL BELOW MA5 - Capital Street FX

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    • MORGAN STANLEY CUTS ITS PRICE TARGET ON TESLA, STOCKS FALL BELOW MA5
12-Mar
19:32 IST

Tesla’s stock is currently trading at 562.85-lower by 11.25% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 9.56%. The stock has continued falling after the opening bell.

Investment bank Morgan Stanley today lowered its price target on the electric car maker’s stocks to $480 per share from $500 a share. The investment bank also cuts its forecast for the current year deliveries. Morgan Stanley lowered its fiscal 2020 delivery estimate to 452,000 units from around 500,000 units previously. The investment bank also said that the electric car-maker is in pole position in the electric-vehicle market and Tesla products are still discretionary and expensive.

Morgan Stanley cut its price target to adjust for lower expectations of growth outside of China. The automaker reported a better-than-expected fourth-quarter profit at the end of January. Tesla also disclosed that it would comfortably make more than half a million units this year. Stocks of the electric car-maker have rallied about 36% Year-to-date.

On the technical front, the RSI is currently at 35.24% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the lower band of the Bollinger Bands and is heading downwards.

 

TRADE SUGGESTION- LIMIT SELL AT 574.00 TAKE PROFIT AT 564.00 STOP LOSS AT 579.00

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