Wells Fargo sees more downside for Tesla shares
cnbc.com —
Wells Fargo analyst Colin Langan has lowered Tesla's 12-month price target from $135 to $130, indicating a potential 46% decline from current levels. He maintains an underweight rating on the stock. Tesla's shares have dropped 50% since December, with significant declines in European sales contributing to concerns about growth. The company is facing challenges, including protests linked to CEO Elon Musk's political involvement. Langan's outlook reflects broader skepticism on Wall Street, as other firms like UBS and Redburn Atlantic have also issued sell ratings on Tesla. The company is experiencing its longest weekly loss since its Nasdaq debut in 2010.