Citi Comments on Tesla (TSLA) Selloff; Blames Demand, Macro, and Price Worries

Citi analyst Itay Michaeli reiterated a Neutral rating and $176.00 price target on Tesla (NASDAQ: TSLA)

The analyst comments "We attribute today’s Tesla share price weakness (-4%) primarily to continued macro/demand/pricing concerns, with the most recent datapoint coming from weekly China insurance sales data for the 2nd week of December (please see Jeff Chung’s note for more detail). The weekly China data for Tesla suggested a somewhat slower Dec sales pace, which may be contributing to today’s share price pressure amid broader macro/pricing concerns. While we don’t necessarily think the weekly China data itself calls our Tesla Q4 delivery estimate (~435k) into question, it does place some added reliance on a strong finish in other regions and/or a stronger back-half of the month in China."

For an analyst ratings summary and ratings history on Tesla click here. For more ratings news on Tesla click here.

Shares of Tesla closed at $167.82 yesterday.

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