Tesla Stocks continued to fall on Thursday morning. It’s a move that began a day earlier during Tesla’s Investor Day event, which offered investors a long-term vision but lacked details on new products and services.
Despite positive analyst reactions to CEO Elon Musk’s presentation and Tesla’s overall outlook, the electric car maker’s shares fell about 7% in the open. Musk and his executives reiterated their goal of producing 20 million vehicles a year by 2030 at the event, which consisted of a three-hour presentation followed by a question-and-answer session.
“In the race to the bottom, we seriously question how the competition can sustain itself,” Morgan Stanley auto analyst Adam Jonas said in a note Thursday. You have a price target of $220 on the stock.
Goldman Sachs maintained its Buy rating and $200 price target, and analyst Mark Delaney said Thursday that “the development has bolstered our positive view of the company’s long-term competitive position.” wrote.
However, Delaney said, “The lack of clarity beyond the comment that they are working on it as quickly as possible and could be in the next few years could be seen as a disappointment by some. is high,” he warned.
Musk has announced the third installment of its ‘Master Plan’, an updated version of its ambitious 2016 Master Plan Part Deux. The objectives of that plan, which include allowing Tesla owners to “make money” with their cars, which would otherwise sit idle, have yet to be achieved.Tesla Shares are up more than 80% year-to-date, a long way from the 2021 highs that pushed the stock above $400.
— CNBC’s Lora Kolodny and Michael Bloom contributed to this report.