Banking Giant JPMorgan Forecasts Additional 30% Decrease in Tesla Stock Price

Thursday, 4 April 2024, 09:44

The banking giant, JPMorgan, predicts a further 30% decline in Tesla stock price after its disappointing delivery report. Tesla's business has been sluggish with the company facing multiple downgrades, including a recent one from Wells Fargo. Analyst sentiment has turned bearish, and there are concerns about the stock's performance in the coming months.
https://store.livarava.com/13e8f50f-f268-11ee-8959-87cc5c87fb08.jpg
Banking Giant JPMorgan Forecasts Additional 30% Decrease in Tesla Stock Price

Banking giant warns Tesla stock to crash another 30%

The electric vehicle (EV) industry has been having a few bad quarters with none so prominent and few as hard-hit as Elon Musk’s Tesla (NASDAQ: TSLA).

Sluggish Business Performance

  • Tesla became the worst performer in the S&P 500 benchmark index
  • Reported its worst delivery quarter since Q3 2022
  • Received multiple downgrades from various analysts

Banking Giant JPMorgan's Forecast

  1. JPMorgan downgrades Tesla and predicts a 30% further drop in stock price
  2. The bank sets a new price target of $115 per share
  3. Analysts attribute the downgrade to the disappointing delivery report

Conclusion: Investor sentiment towards Tesla has turned more negative due to its recent performance and downgrades from major banks, raising concerns about its future stock price.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


Related posts


Newsletter

Get the most reliable and up-to-date financial news with our curated selections. Subscribe to our newsletter for convenient access and enhance your analytical work effortlessly.

Subscribe