TECH - Tesla Bear Shrugs Off 40% Run-up As 'Meme-Like' Rally: 'Valuation Is Disconnected From The Fundamentals' | Benzinga
Tesla, Inc. (NASDAQ:TSLA) continued to push higher and completed a nine-session run on Monday and the strong gains have left bearish analysts even more uncomfortable with the company’s rising valuation.
What Happened: Tesla is clearly riding the momentum of better-than-feared second-quarter deliveries number but it should be noted that sales were down 5% year-over-year in the June quarter on top of the 9% drop in the previous, said Bernstein analyst Tony Sacconaghi in an interview with CNBC.
analyst Toni Sacconaghi on shares of the EV maker: — Squawk Box (@SquawkCNBC) July 8, 2024
"We could continue to see some momentum in the stock, but this is meme-like, quite frankly. The valuation is disconnected from the fundamentals." pic.twitter.com/5d85RK2JGa
The stock is trading at 125 times earnings, the ...