Tesla Bull Dan Ives Drastically Cuts Price Target for Tesla
Wall Street analyst Dan Ives, long bullish on Tesla, has soured on the stock.
In a note published Sunday, Ives’ firm, Wedbush Securities, slashed its 12-month price target for Tesla stock from $550 to $315, a 43% reduction — though still above its current price of $239.
“Tesla has essentially become a political symbol globally,” the firm wrote. “That is a very bad thing for the future of this disruptive tech stalwart and the brand crisis tornado that has now turned into an F5 tornado.”
Ives says Musk’s foray into politics hasn’t been a great look for the carmaker. The firm estimates that Tesla has already lost 10% of its future global customer base — a conservative estimate — based on “self-created brand…
