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Tesla Shares Fall 3 percent on Wells Fargo Downgrade


Tesla (NASDAQ:TSLA) shares declined 3% intra-day today following a Wells Fargo downgrade from Equal Weight to Underweight. The analysts also lowered their price target from $200 to $125, suggesting nearly a 30% downside from Tesla’s latest closing price.
The downgrade is rooted in concerns over Tesla’s growth outlook, with analysts suggesting that recent price reductions are yielding diminishing returns. They anticipate flat sales in 2024 and a decline in 2025, noting potential challenges such as reduced lease values, dissatisfied customers, and the risk of losing the brand’s premium status. Further, they expect challenges from disappointing delivery numbers and additional price cuts to prompt downward revisions in earnings projections.

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