EV - Tesla Stock Down as Elon Musk Urged to Pull It Together to Safeguard Brand Reputation - Gene Munster
Elon Musk’s Twitter initiative, according to Loup Ventures analyst Gene Munster, puts Tesla ( NASDAQ:TSLA ) in danger because the EV manufacturer’s brand is heavily reliant on how the public views the billionaire.
“Tesla’s trademark is Elon.” He needs to gather himself. “He needs to tighten up his messaging because he has a history of erroneously running off at the mouth,” the founding and managing partner of Loup Ventures told CNBC.
Tesla stock ( NASDAQ:TSLA ) has recently dropped to new 52-week lows, which has caused some people to worry that CEO Elon Musk has lost his focus since he bought Twitter. Munster responded to the worries by restating his bullish outlook for TSLA. He said that recent stories about Musk’s use of Twitter have hurt Tesla’s brand.
The Loup Ventures analyst claimed that what Elon was doing on Twitter was hurting Tesla’s reputation. If he doesn’t right the ship, there will be long-term consequences.
When taking a deeper look at the stock’s performance, we can see that Tesla has lost more than 50% of its worth in the last year and that its market value fell below $500 billion on Tuesday. In early trading on Wednesday, TSLA also hit a 52-week low of $155.88 before recovering to trade at roughly $159.41.
Tesla Stock Outlook
Earlier in the day, Goldman Sachs lowered its stock price target for Tesla ( NASDAQ:TSLA ) from $305 to $235. On account of the favorable long-term prospects, the firm kept its Buy recommendation. Goldman Sachs analysts expect 420K deliveries in Q4, which is less than the 440K they expected before.
Munster is not alone i...
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