And though Tesla has shown that it can turn a quarterly profit, it has yet to report an annual one, meaning that it's not yet totally in the clear after a rough start to 2019. "In our view, TSLA shares now appear fully valued after a meteoric run-up," Garrett Nelson of CFRA wrote in a Wednesday note. He maintained his $400 price target on Tesla shares, but lowered his rating to "sell" from "hold.
"We see the recent China factory start-up weighing on Automotive gross margins in 1H 2020 and U.S. sales being negatively impacted by the recent phase-out of its federal EV tax credit, rising competition and seasonality," he said. He continued: "With TSLA's market cap now exceeding GM and Ford combined despite having only about 3% of joint vehicle sales volume, we think investors have given TSLA plenty of credit for future growth, raising execution risk."
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