Elon Musk’s declarations that Tesla was done losing money and needing to raise more cash turned out to be premature.
Elon Musk’s declarations that Tesla Inc. was done losing money and needing to raise more cash turned out to be premature.
Ives said that Tesla’s guidance was aggressive and that its management was not doing enough to cut costs, preserve capital and provide a sustained path to profitability. He downgraded the stock to the equivalent of a “hold” from “buy,” and slashed his price target to $275 from $365. Ives wasn’t impressed. “Musk & Co. in an episode out of the ‘The Twilight Zone’ act as if demand and profitability will magically return to the Tesla story,” Ives said.
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