TSLA - Tesla: The Pain Might Not Be Over (Downgrade)
2024-04-02 08:30:00 ET
Summary
- Tesla, Inc. stock performance in Q1 was disappointing, finishing as the worst-performing stock in the S&P 500.
- CEO Elon Musk also lost his position as the world's richest person to Jeff Bezos.
- Tesla needs a pleasant surprise with its upcoming Q1 deliveries report to shake off the recent pessimism.
- With Tesla's underperformance, a disappointing report might have been priced in.
- Tesla's valuation will likely be under intense scrutiny as its record growth momentum has all but dissipated.
Tesla: Worst Performer In S&P 500 In Q1
Tesla, Inc. ( TSLA ) investors are likely disappointed about the performance of TSLA in Q1, as it finished as the worst-performing stock in the S&P 500 ( SPX , SPY ). Along the way, CEO Elon Musk also lost his coveted "gold medal" position as the world's richest person to Amazon ( AMZN ) Chairman Jeff Bezos. Accordingly, TSLA fell to the $160 level, as TSLA bears threatened to re-test its April 2023 lows ($150 level). With TSLA recovering above the $175 level but still struggling for buying momentum, TSLA bulls must be prepared for more downside volatility as the leading EV maker releases its first-quarter deliveries and production report this week....
Tesla: The Pain Might Not Be Over (Downgrade)