Tesla (TSLA) Shares Expected to See Pressure After Not Being Added to S&P 500 - Baird

September 8, 2020 6:40 AM EDT
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Price: $576.83 -2.19%

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    21 Buy, 21 Hold, 11 Sell

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Baird analyst Ben Kallo expects shares of Tesla (NASDAQ: TSLA) to be under pressure after the stock was not added to the S&P 500 in the most recent index rebalancing.

On Friday, S&P Global announced Etsy (NASDAQ: ETSY), Teradyne (NASDAQ: TER) and Catalent (NASDAQ: CTLT) would be added to the S&P 500, leaving TSLA out.

"S&P Global did not comment on TSLA’s omission, though we do think shares had largely priced in inclusion following Q2 GAAP profitability," Kallo commented. "Importantly, we still believe the stock will eventually be added to the index; Friday's announcement was only a delay in our view."

Kallo reiterated a Neutral rating and $332.00 price target on TSLA

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

Shares of Tesla are down nearly 10% in pre-open trading on the news.

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Robert W Baird, Standard & Poor's, Tesla, Ben Kallo, Pre Market Movers