Tesla is under pressure after taking up his board and receiving a demand-driven downgrade from Wall Street (TSLA)
REUTERS / Brendan McDermid
- Tesla shares fell Monday after the company announced a cut of the board and a Wall Street company released a downbeat report on the company. 19659004] The electric car manufacturer is scheduled to report first quarter results on Wednesday.
- Monday is "autonomy day."
- See Tesla trade live.
Tesla shares beat 2% on Monday when investors pulled out a negative report from a Wall Street firm and a significant piece-shake up just days before the electric car manufacturer's expected first-quarter earnings profit.
"We are still encouraged by Tesla's vision and future growth prospects (brand value, Global Model 3 and Y TAM, Semi, etc.), but there is increased uncertainty about short-term demand against previous bullish forecasts, and growth cannot stop for growth company. "Evercore ISI analysts led by Arndt Ellinghorst wrote in a note to customers on Monday.
T He was stuck, who joined other Wall Street colleagues who were concerned about the demand for Tesla's vehicles, slashed their price target to $ 240 a share from $ 330 and downgraded their rating to "underperform" from "in" -line ".
Investors should "go aside and see how mature S / X and Model 3 SR + / global demand are played out before reconsideration," analysts say.
Tesla said in an archiving Friday when it US stock market closed, four members of the board would leave their positions at the end of their respective terms, and CEO Elon Musk and the Securities and Exchange Commission were also given this Thursday to reach a new agreement to oversee the CEO's tweets.
Read more: Tesla shoots his board during ongoing negotiations with the Securities and Exchange Commission
Monday is also what Tesla has called "autonomy day ", an investor day focused on autonomous driving software and hardware. The event was supposed to be held on Friday, but was redirected.
Separately, Tesla said on Monday that it had s Ended a team to investigate a video that appeared on Chinese social media and showed a parked model S exploding. According to a Reuters estimate, there have been at least 1[ads1]4 instances of Tesla cars burning during 2013, and most occur after crashes.
"We immediately sent a team on site, and we support local authorities to establish facts," Tesla said. "From what we know now, no one was hurt."
The development of the development comes ahead of Tesla's Q1 results report, scheduled for Wednesday. Earlier this year, in a reversal from its earlier expectations, Musk said Tesla was unlikely to be a profit in the quarter.
The electric car manufacturer is expected to enter a corrected loss of $ 0.90 per share on the turnover of Tesla shares have fallen 19% this year, trading just below $ 267 per share on Monday.
