Tesla (TSLA) PT Lowered to $380 at RBC Capital on Covid-19 Impact

RBC Capital analyst Joseph Spak lowered the price target on Tesla (NASDAQ: TSLA) to $380.00 (from $530.00) while maintaining a Underperform rating.

The analyst comments "We are updating our estimates to reflect our current view on the COVID-19 pandemic impact. Ultimately, we see 1Q20 challenges given typical EOQ push, very low 2Q20 demand given a weak auto market and lower mid-term growth as the consumer reels and Tesla's products are luxury. Cash burn could be significant, but recent cap raise helps buffer."

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