Why did Tesla stock slip today? Another Wall Street firm pulled its bull rating (updated)
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Tesla (NASDAQ:TSLA) fell on Monday after Goldman Sachs became the third Wall Street firm in a week to drop their bull rating on the electric vehicle stock. The cut by Goldman Sachs followed recent downgrades on Tesla (TSLA) by Morgan Stanley and Barclays.
Goldman Sachs moved to a Neutral rating from Buy on its view the TSLA share price now better reflects a positive long-term view on the automaker's growth potential and competitive positioning.
Analyst Mark Delaney and team said the primary reason for the change is the firm thinks the market is now giving the stock more credit for its longer-term opportunities after the recent rally. However, the firm is also cognizant of the "difficult pricing environment" for new vehicles that it sees as a potential drag on Tesla's (TSLA) automotive non-GAAP gross margin this year.
Goldman Sachs set its price target on Tesla (TSLA) at $248.
Shares of Tesla (TSLA) closed down 6.06% and are off more than 12% over the last week.
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Updated to reflect price target was not lowered