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WEDBUSH CUTS ITS PRICE TARGET ON TESLA; STOCKS RISE -

19-Mar
19:47 IST

Tesla’s stock is currently trading at 417.09-lower by 15.47% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 2.43%. The stock has continued gaining after the opening bell.

Financial services company Wedbush lowered its price target on the electric car maker’s stocks to $425 per share from $710 a share. The financial services company cut its price target on the US automaker to reflect the new reality that the auto industry will face over the coming months ahead. Wedbush believes that there is some minimum level of activity around producing Model 3S over the coming months and the global demand environment has changed dramatically in a matter of weeks for the electric carmaker.

The financial services company thinks amid the virus outbreak buying a new Model 3 and other cars are very low on the priority list of customers. Wedbush also said that the electric carmaker’s ability to reach its original +500K delivery targets for the current year is a virtual impossibility. 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 fallen about 1% Year-to-date.

On the technical front, the RSI is currently at 32.43% and suggests that the market can move in the upward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger Bands but is heading upwards.

 

TRADE SUGGESTION- LIMIT BUY AT 415.00 TAKE PROFIT AT 435.00 STOP LOSS AT 405.00

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