Tesla Inc (TSLA: NSD) stock price has gotten off to a rough start in 2024, down 29% year-to-date, and the woes continue as a prominent analyst trims their price target on the stock.
Morgan Stanley Analyst Cuts Tesla Price Target:
Morgan Stanley analyst Adam Jonas lowered his price target for Tesla, citing concerns about both demand and the company’s margins. Jonas trimmed TSLA’s price target to $320 from $345 per share but reiterated a Buy rating on the stock.
Jonas also reduced his earnings forecast for the electric vehicle maker for 2024. This analyst downgrade comes amidst a broader market sell-off that has impacted growth stocks, including Tesla. Investors are increasingly wary of valuations in a rising interest rate environment.
Stock Target Advisor’s Analysis on Tesla:
Stock Target Advisor gives Tesla a buy rating and pegs it at a promising target price of $280.13, forecasting an impressive price change of 58.67% in the next 12 months.
Tesla has caught the attention of 25 analysts offering coverage, the average analyst target price for Tesla currently stands at USD 260.64. Stock Target Advisor’s analytics shows a slightly bullish trend with a scattergun of 9 positive and 5 negative signals.
Tesla’s last closing price was recorded at USD 176.54 with substantial weekly, monthly, and yearly stock price changes projected. The auto manufacturers sector on the NSD Exchange holds a slightly bullish average analyst rating complemented by Stock Target Advisor’s rating. Returns for stocks in this sector are also relatively steady over one week and one month.
Conclusion:
It remains to be seen how these challenges will impact Tesla’s stock price in the coming months. The company will need to address investor concerns about demand and profitability to regain momentum.
Muzzammil is a content writer at Stock Target Advisor. He has been writing stock news and analysis at Stock Target Advisor since 2023 and has worked in the financial domain in various roles since 2020. He has previously worked on an equity research firm that analyzed companies listed on the stock markets in the U.S. and Canada and performed fundamental and qualitative analyses of management strength, business strategy, and product/services forecast as indicated by major brokers covering the stock.
