Tesla stock's best run since 2020 is spoilt by Wall Street downgrades as Goldman Sachs, Morgan Stanley flag overvaluation risks
's stock price has been rallying non-stop for months - and Wall Street is starting to ponder whether that breakneck surge might've made the EV stock a little overvalued., while Big Tech stocks have also soared more broadly thanks to the rise of AI as an investment theme. The stock is poised for its best two-quarter advance since 2020, rising 96% so far this year.
But Barclays, Morgan Stanley, and Goldman Sachs have each questioned that valuation over the past week, with all three banks slashing their Tesla rating from"buy" to"hold". "The stock's recent rally can be best explained by the market's current AI-driven thematic trade, as well as excitement over recent announcements to open the Tesla Supercharger network to other brands," he wrote in a note to clients."Yet while we aren't surprised that the stock has participated in the rally, we believe it is prudent to move to the sidelines."
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