JPMorgan says Tesla sales miss threatens ‘rarified valuation’

[Pelican Press 0]

JPMorgan says Tesla sales miss threatens ‘rarified valuation’

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that is so critical to sustaining the stock’s rarified valuation multiple.” Despite Tesla falling roughly 59% from an all-time high of about $410 in November 2021, the bank said Tesla’s valuation is still too high. The stock has developed a cult-like following as investors hoped that Tesla would remain the de facto EV and autonomous driving leader. “The stock still strikes us as highly expensive, with extraordinary work and tremendous accomplishment unlike the trend in recent quarters required in coming years to grow into even our $115 price target,” Brinkman wrote. Tesla would still boast a market value of some $401 billion even at JPMorgan’s $115 per-share price target, the bank said, meaning it would edge out Toyota, with a market cap of $391 billion, “as the world’s most valuable automaker.” JPMorgan is far from alone in curbing its enthusiasm for Tesla after the latest first quarter delivery numbers. Guggenheim Securities cut its Tesla price target to $122 from $132 on Wednesday, while Deutsche Bank went to $189 from $200. — CNBC’s Michael Bloom contributed to this report.

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Investment strategy,Stock markets,Tesla Inc,JPMORGAN DRN,Earnings,business news
#JPMorgan #Tesla #sales #threatens #rarified #valuation

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