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Home / Business / Tesla shares set to fall for a seventh straight day when several analysts warn about problems

Tesla shares set to fall for a seventh straight day when several analysts warn about problems



Tesla was set for his seventh straight day of loss before the opening bell Thursday after several Wall Street analysts joined the growing list of brokerage firms concerned with the company's financial health.

The latest downward revision came from Loup Ventures co-founder Gene Munster, who wrote that Tesla is unlikely to meet delivery expectations this year as the US-China trade conflict worsens. Munster lowered its 2019 delivery estimates by around 10% to 310,000 cars against guidance in the range of 360,000 to 400,000.

"First, we agree that Tesla deliveries will be affected by tariffs that come into China," Munster wrote. "Other, non-tariff factors that will affect China's demand include Chinese consumers who boycott Tesla and Chinese officials who add complexity to the delivery process."

Munster added that his estimate cuts included a reduction in expected China deliveries to 40,000 cars from 70,000 cars. The new figure means that China will account for 13% of the delivery in 2019 compared to a previous forecast of 25%.

The stock fell about 4% in premarket trading, which would add a 17% decline since May 14, a $ 6.88 billion drop in the company's market value roughly equivalent to the size of Macy's or TripAdvisor. The share price had fallen by more than 50% from the 52-week holiday season at Wednesday's closeness.

A Worried Credit and Restructuring History

But Munster was not alone in his more gorgeous views. In a private conversation with Morgan Stanley clients on Wednesday, analyst and long-time Tesla bull Adam Jonas doubted Tesla and recently speculated that the company would be bailed out by a major technical company.

"Tesla doesn't really look like a growth story," Jonas said on the conversation, as CNBC heard in a recording. Today, "It seems like a worried credit and restructuring story."

Jonas continued to say that neither Amazon nor Apple – once rumored to have made a bid for the Palo Alto car manufacturer – would want to acquire the company. [19659002] The big tech giants "may not expose themselves to the unlimited responsibility of being involved in owning a business where sometimes a car is celebrated, taking down a building, or accidentally killing a pedestrian or passenger," said Jonas. "The roads are very dangerous. There is a lot of energy stored in a vehicle. And the regulatory environment [around autonomous cars] hasn't had time to cure yet."

The sharp decline in the company's equity value began last week after an e-mail discovered where CEO Elon Musk instructed staff to cut expenses and promised to personally consider expenses.

– CNBCs Lora Kolodny contributed to this report.


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