Evercore downgraded Tesla to 'underperform' from 'in-line' on Monday.
Evercore downgraded electric car maker Tesla to"underperform" from"in-line" on Monday, citing concerns on the decline in demand across all models.
Evercore also slashed its 12-month price target for Tesla to $240 from $330, implying 12% downside from Friday's close. Shares of Tesla are down 1.85% to $268 in premarket trading on Monday. Shares of Tesla have fallen nearly 18% year to date amid dozens of investigations and lawsuits against the company and CEO Elon Musk. On top of the legal woes, the electric car maker's production keeps disappointing investors. The company reported weaker-than-expected delivery numbers for the first quarter overall and for its key product Model 3 midsize sedan.
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