On Monday, J.P. Morgan analyst Ryan Brinkman issued a report on Tesla the likes of which Wall Street has seldom if ever seen. Brinkman asserted that at its current price of $361, the EV maker is hugely overvalued. Based on where its fading financials will land by the end of this year, he says it’s worth just $145, and hence eventually headed for a drop of 60%.
For years, this writer has been arguing that Tesla owes its gigantic valuation—today standing at $1.3 trillion—almost entirely from the “Elon Musk magic premium,” created when his long-term fans buy into promises of fabulously profitable futuristic products that Musk and Tesla so far have failed to commercialize. Put simply, it looks impossible for Tesla to grow its…
