Wedbush analyst Daniel Ives downgraded Tesla (NASDAQ: TSLA) from Outperform to Neutral.

Ives commented, "... the demand story at Tesla is quickly changing and the company has unfortunately not adjusted to an evolving EV landscape (especially in the US) with the well thought out marketing and distribution logistics needed to manage this difficult and complex hand holding process for customers, employees, and investors. To this point, in our 20 years of covering tech stocks on the Street we view this quarter as one of top debacles we have ever seen while Musk & Co. in an episode out of the Twilight Zone act as if demand and profitability will magically return to the Tesla story."

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Shares of Tesla closed at $256.50 yesterday.