Goldman Sachs has lowered its price target for Tesla shares from $200 down to $158, CNBC reports Thursday, June 21.
According to a report by Business Insider, the latest cut is the fourth one that Goldman Sachs made for Tesla stock in 2019. Tesla shares are likely to continue to de-rate, as sustainable demand for the company’s products seems unlikely, the bank said in a note to its clients.
The price target cut represents a 30% drop from Tesla’s current levels. On Wednesday, June 20, the company closed at $226.43.
At press time, Tesla stock is down 30% from the beginning of 2019 when it was trading around $330. Multiple reports are suggesting insufficient demand for the company’s new car, the Model 3.
However, the founder and CEO of Tesla Elon Musk still believes the company could set a record for deliveries in the second quarter of 2019.
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