Tesla (NASDAQ:TSLA) stock is in the news on Monday after the electric vehicle (EV) company’s shares were hit with a reduced price target from Mizuho.
This downgrade has the firm dropping TSLA stock from a price target of $270 per share to $195. This represents a potential upside of 14.2% compared to the stock’s prior closing price. It’s also lower than the consensus analyst price prediction of $209.15 per share.
To go along with that price cut, Mizuho dropped TSLA stock from a “buy” rating to a “neutral” rating. For some perspective, the analyst consensus rating for TSLA shares is a reduce rating based on 32 opinions.
What’s Behind the TSLA Stock Downgrade?
Mizuho is taking a more neutral stance on EV stocks in general. This saw the company also downgrade shares of Rivian (NASDAQ:RIVN) and Nio (NYSE:NIO) from “buy” to “neutral” alongside Tesla.
Here’s what the firm said in a note to clients obtained by Investing.com:
“While we remain constructive on the broader EV landscape with the LT trend to electrification, near-term EV demand and tightening liquidity are creating challenges into 2025E.”
TSLA stock is up slightly on Monday morning. The stock is currently down 30.9% since the start of the year.
Investors can find more of the most recent stock market news ready to go down below!
We have all of the hottest stock market news ready for Monday! Among that is what has shares of Virgin Galactic (NYSE:SPCE) stock, Lucid (NASDAQ:LCID) stock and LightInTheBox Holding (NYSE:LITB) moving today. All of that info is good to go at the following links!
More Monday Stock Market News
- SPCE Stock Alert: Virgin Galactic Just Got Sued by Boeing
- Lucid Motors (LCID) Stock Pops on $1 Billion Infusion from Saudi PIF
- LITB Stock Earnings: LightInTheBox Holding Reported Results for Q4 2023
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
