Tesla shares fell early Monday after the company announced a board of directors shakeup and Evercore ISI slashed its price target.
just days ahead the electric-car maker's highly anticipated first-quarter earnings report.
"We remain encouraged by Tesla's vision and future growth prospects , but there is increased uncertainty around near-term demand vs previous bullish forecasts and growth cannot stall for a growth company," Evercore ISI analysts led by Arndt Ellinghorst wrote in a note to clients out Monday., slashed its price target from $330 to $240 a share and downgraded its rating from"in-line" to"underperform.
Investors ought to"step aside and see how maturing S/X and Model 3 SR+ / global demand plays out before re-evaluating," the analysts added.
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