Tesla Sell rating reiterated at Guggenheim on negative demand indicators
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Tesla (NASDAQ:TSLA) fell 1%
on Monday as Guggenheim maintained its Sell rating on the stock. 
The firm sees supply-driven delivery declines in Europe and China for the third quarter compared to the second, and noted that negative demand indicators remain an issue with lower realized prices. 
Guggenheim sees third quarter deliveries of 445,000 versus the consensus of about 461,000 consensus and 466,000 last quarter. The firm sees the average selling price at $44,350 compared to the consensus of $44,500. 
Tesla (TSLA) has announced several price cuts over the past few months in China and in the U.S. to drive demand higher amid increasing competition in the electric vehicle market. 
Guggenheim also sees gross margins suffering at 17.4% compared to the consensus 18.5%. 
Beyond the third quarter, the firm said taking price back will be challenging for TSLA. Guggenheim will remain well below consensus EPS through 2025 as a result.
The stock has 11 Strong Buy ratings from Wall Street analysts, five Buys, 19 Holds, three Sells and one Strong Sell.
Shares of TSLA are up 125% year-to-date.

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