Barclays cut its price target on shares of Tesla, saying recent strategic decisions by the company undercut the bull case for the stock.
Barclays cut its price target on shares of Tesla on Tuesday, saying recent strategic decisions by the company undercut the bull case for the stock, which positioned the electric vehicle and energy products manufacturer as the Apple of the car world.
The catalyst for the reduction is the sooner-than-expected rollout of Tesla's long-awaited $35,000 Model 3 and the decision to shutter most of its dealerships. The analysts believe the company is unlikely to offset lower profit margins with increased sales volumes and cost savings. They say the bull case is now shifting to Tesla becoming the next Amazon: undercutting comparable luxury sedans and gaining an advantage over rivals by selling online rather than at brick-and-mortar locations.
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