Tesla fell 8% again: analysts pointed out that it was too late to escape and too early to buy the dip.
$Tesla (TSLA.US)$ Tesla fell 8% again on Tuesday (20th), dropping to $137.80, hitting a low since November 2020, despite Elon Musk hinting at stepping down as Twitter CEO. On the same day, at least two sell-side analysts lowered Tesla's target price. Evercore ISI analyst lowered Tesla's target price by $100 to $200, citing weak demand. The analyst wrote in a report, 'Although we still believe that Tesla has a leading gross margin advantage due to its global scale, vertical integration, and the US "Reducing Inflation Act," investors are already well aware of these advantages and now they must combat-test the demand assumptions for 2023 to 2025.' Evercore ISI believes, 'It is too late to sell in the short term, but it is too early to buy.'
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