Tesla, Inc. (NASDAQ:TSLA) stock has seen some upward momentum since mid-May and the buoyancy has lifted it above the $200 threshold. An analyst, however, warned that this could be a false start and the stock's fate is doomed.
Struggling Car Maker? Tesla is the "Blackberry of the EV industry" and its valuation could implode as competition intensifies and it becomes clear to investors that it is a struggling car company, said GLJ Research analyst Gordon Johnson, repeating his thesis on the stock.
Blackberry, though was the pioneer of smartphones, went out of business as it failed to adapt to changing consumer preferences and competitors flooded the industry.
Johnson has a Sell rating on the stock and a $24.33 price target.
To support his argument, Johnson noted a Reuters report that said Tesla has doubled discounts on some Model 3 as well as on some Model Y and other cars held in inventory in the U.S. The promotional measure could have been precipitated by waning demand amid economic uncertainties, rising competition and the upcoming Model 3 refresh, he said.
See Also: Everything You Need To Know About Tesla Stock
Stock Ignores Bad News: The recent stock surge has come despite a spate of bad news in the past, including a lackluster Investor Day, inventory issues in the U.S./EU, moderating sales in China, concerning lead times and new price cuts, Johnson noted.
Tesla's stock strength, according to the analyst, is due to the $233.024 billion in liquidity the Treasury injected into the equity markets in May alone. The liquidity injection in the 30 days is equal to 25 years of Fed's balance sheet expansion, achieved through the working down of the Treasury General Account balance, and to a lesser extent AI euphoria, he added.
Johnson expects Treasury Secretary Janet Yellen to withdraw $600 billion to $900 billion from equity markets, now that the budget bill is on the cusp of being enacted.
"We believe TSLA's fundamentals may, shortly, come back into focus. And, as they do, with numerous problems mounting for the company, we expect the stock to resume its downward trend lower toward our PT by year-end," he said.
Tesla ended Wednesday's session up 1.38% to $203.93, according to Benzinga Pro data.
Check out more of Benzinga's Future Of Mobility coverage by following this link.
Read Next: Tesla's 'Golden Goose' Quest: Analyst Assesses Potential To Achieve 30-50% Battery Cost Cuts
特斯拉公司 （納斯達克股票代碼：TSLA）的股票自5月中旬以來出現了一些上漲勢頭，漲勢使其突破了200美元的門檻。但是，一位分析師警告說，這可能是一個錯誤的開端，該股的命運註定要失敗。
苦苦掙扎的汽車製造商？ GLJ Research分析師表示，特斯拉是 “電動汽車行業的黑莓”，隨着競爭的加劇，其估值可能會崩潰，投資者很清楚它是一家陷入困境的汽車公司 戈登·約翰遜， 重複他關於股票的論文。
黑莓雖然是智能手機的先驅，但由於未能適應不斷變化的消費者偏好，競爭對手充斥整個行業，因此倒閉了。
約翰遜對該股的評級爲賣出，目標股價爲24.33美元。
爲了支持他的論點，約翰遜指出，路透社的一份報道稱，特斯拉已將部分Model 3以及一些Model Y和其他在美國庫存的汽車的折扣翻了一番。他說，促銷措施可能是由於經濟不確定性導致需求減弱、競爭加劇以及即將推出的Model 3更新所引發的。
另見：關於特斯拉股票你需要知道的一切
股票忽略了壞消息： 約翰遜指出，儘管過去出現了一系列壞消息，包括投資者日乏善可陳、美國/歐盟的庫存問題、中國的銷售放緩、交貨期和新的降價措施，但最近的股市還是飆升。
分析師稱，特斯拉的股票走強歸因於美國財政部僅在5月份就向股票市場注入了2330.24億美元的流動性。他補充說，30天內的流動性注入等於美聯儲25年的資產負債表擴張，這是通過削減美國財政部普通賬戶餘額實現的，在較小程度上也是人工智能的狂喜。
約翰遜預計財政部長 珍妮特·耶倫 既然預算法案正處於頒佈的風口浪尖，從股票市場提取6000億至9000億美元。
“我們認爲，TSLA的基本面可能很快就會重新成爲焦點。而且，與他們一樣，隨着公司面臨許多問題，我們預計到年底，該股將恢復向PT的下跌趨勢，” 他說。
根據Benzinga Pro的數據，特斯拉週三收盤上涨1.38％，至203.93美元。
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繼續閱讀：特斯拉的 “金鵝” 探索：分析師評估了削減30-50％的電池成本的可能性
