Tesla (TSLA) Sell Rating is About Risk/Reward More Than Success/Failure - Citi
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Citi analyst Itay Michaeli reiterated a Sell rating and $222.00 price target on Tesla (NASDAQ: TSLA) noting that shares underperformed for CY19 despite an impressive year end rally. His position on the stock is not based on handicapping the success/failure of the company but rather the risk/reward.
He stated "To us, it’s not necessarily about being bearish or bullish, but rather risk/reward. The potential LT reward side of the equation hasn’t really been an issue for us. Rather, our main issue since our downgrade (post the go-private saga) was the degree of cumulative risk in areas like balance sheet, contingent liabilities, arguably low earnings quality, profit/FCF sustainability, management departures, etc".
Shares of Tesla closed at $487.68 yesterday.
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