March 6, 2023: On Thursday, Tesla shared continued slides. This movement started the previous day in the firm’s investor day event, providing investors with a long-term vision but needing more detail on recent products or services.
The electric vehicle manufacturer’s stock decreased nearly 7%, paring earlier losses, although optimistic analyst replies to CEO Elon Musk’s presentation and Tesla’s outlook.
Musk and his executives are reentering a 2030 production target of 20 million vehicles at the event, consisting of a three-hour presentation and a session.
“In a race to the bottom, we question how the game can keep up,” Morgan Stanley auto analyst Adam Jonas writes in a Thursday note. Jonas has an overweight, which rates and sets a $220 price target for the stock.
On Thursday, Goldman Sachs maintained a purchase rating and a $200 price goal, with Mark Delaney writing that “the event reinforced our positive view of the firm’s long-term competitive positioning.”
But Delaney is cautioning that “the lack of clarity beyond the statement that they’re working as they can, and it could be in a coming couple of years, is likely viewing as a disappointment to some.”
Musk produced the third instalment of his “Master Plan,” a recent update to the 2016 “Master idea, Part Deux.”
The objectives of that plan, including enabling Tesla makers to “make money” on their automobile while it otherwise would have sat still, have not yet been fulfilled. The firm’s shares are up more than 50% year to date but stay well off of the 2021 high, propelling the stock price to exceed $400.
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