Why Tesla Stock Is Still Falling Today
Shares of electric-vehicle (EV) maker Tesla (NASDAQ: TSLA) tumbled for a second straight day on Wednesday, falling as much as 2.4% through 10:35 a.m. ET before recovering some of their losses later in the morning.
Elon Musk's comments have a lot to do with that.
On the one hand, as The Fly reports, Goldman Sachs lowered its target on Tesla shares from $1,200 to $1,000. But $1,000 is about 33% higher than where Tesla stock trades today, and Goldman wasn't specifically targeting Tesla when it made this cut. Rather, the lowered price target was part of a broad reduction in Goldman's estimates across the U.S. auto and industrial technology space, to account for continuing supply chain snarls and expected lower production.
Source Fool.com
