Analyst Dan Levy downgraded the electric vehicle maker's stock to equal weight from overweight.
It's time to take some profits after Tesla's recent rally, Barclays said Wednesday. Analyst Dan Levy downgraded the electric vehicle maker's stock to equal weight from overweight but hiked his price target by $40 to $260. Still, Levy's new target implies shares will need to slide 5.3% from where they finished Tuesday's session. After seeing some downward pressure following its first-quarter earnings report in April, Tesla has surged 80% from that month's lows.
mountain Tesla vs. the S & P 500 and Nasdaq Composite Levy said there's still a clear long-term opportunity for shareholders and Tesla remains poised to be a winner within original equipment manufacturers amid the shift to electrification. Excitement could build in late 2024 and 2025 over the lower-cost Model 2, he noted.
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