Tesla’s mass-market Model 3 electric cars. Picture: REUTERS
The brokerages, while reiterating that their long-term view on the stock remains positive, noted that the current valuation underestimates risks including increased competition in the electric vehicle industry. “We highlight risks to US-China trade, near-term demand, capital needs and tech competition as the key bear vectors we think deserve more attention,” Morgan Stanley analyst Adam Jonas said in a note on Friday.
Following Goldman Sachs’ downgrade to “neutral”, Tesla now has 12 analysts with a “hold” rating, and nine brokerages recommending “buy” or higher.
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