(CercleFinance.com) – Tesla lost more than 6% on the Nasdaq, while Canaccord Genuity reduced its price target on the stock on Thursday, from 304 to 275 dollars, while maintaining its buy recommendation on the stock.
In a research note, the Canadian broker points out that the automotive group has just suffered the worst stock market correction in its history with a response that has now reached nearly 62% since the start of the year.
At current prices, the capitalization of the Californian group ($419 billion) has fallen below that of the oil company ExxonMobil ($438 billion), he argues in his study.
Canaccord recognizes that between the drop in sales in China, the drop in its selling prices and the Twitter file, the fundamentals of the company are far from obvious at the moment.
But the courtier ensures to receive some recommended suggestions for the next six to 12 months, especially in a long-term perspective, starting with the scenario of an upcoming reopening of the Chinese economy.
The professional also says he puts a lot on the establishment, in the United States, of tax credits intended for purchasers of electric vehicles.
From this point of view, Canaccord Genuity believes that Tesla is still the ‘mastodon’ in terms of sustainable development, not only because of its reinforced leadership in electric vehicles, but also because of its positioning in a few adjacent markets such as solar, energy storage or robotics.
Copyright © 2022 CercleFinance.com. All rights reserved.
Did you like this article ? Share it with your friends with the buttons below.