Tesla (NASDAQ:TSLA)
Early trading on Thursday saw Tesla (NASDAQ:TSLA) post a modest rise of 1.30%, which helped the company extend its 2023 surge and establish a new high for the year at $217.59 a share.
Despite some potentially troubling news in the mix, the momentum on Tesla stock continues to be strong. There are rumors that the manufacturer of electric vehicles let go of scores of workers at their facility in Buffalo, New York, just around the time when unionization efforts were underway. It has been reported that the organizers have submitted a formal complaint to the National Labor Relations Board. Tesla (TSLA) was ranked 17th out of a total of 32 vehicle brands by Consumer Reports when the publication released its rankings of the various auto companies.
One of the notable bears on Tesla (TSLA) continued to deepen its position on Wall Street. Bernstein believes that the hypothesis that electric car competition would harm Underperform-rated Tesla (TSLA) will ultimately come into play over the next several years with a significant proliferation of new models on the way. Bernstein has given this hypothesis an Underperform rating.
“This year, global original equipment manufacturers (OEMs) will debut 121 new battery, electric vehicle models, compared to 93 in 2022. Because of this, the total number of battery electric vehicle models will increase to 408. Considering that Tesla now runs with a portfolio of 4 vehicles, the Model Y (released in 2020) being the newest of which, the company can suffer further market share pressure, “analyst Toni Sacconaghi provided an update.
Sacconaghi and his colleagues said they needed help to see how Tesla (TSLA) would reach the consensus forecasts of about 2.5 million units in 2024 without launching a new high-volume model.
Benrnstein said it is tough to make a call on Tesla stock in the near term, but the investment firm has set a price objective of $150 based on the idea that value will matter in the long run.
Photo by Tesla Fans Schweiz on Unsplash
