JPMorgan, Wells Fargo, Tesla, Delta and Bank of America fall premarket

Engineer testifies Tesla (TSLA) staged self-driving promotional video

Transcripts from a previously unreported testimony by Ashok Elluswamy, director of Autopilot software at Tesla, regarding a video made to promote the EV makers self-driving technology shows that the company staged the event to make it look like the vehicle was operating on its own. The transcripts come from a July deposition taken as evidence in a lawsuit against Tesla for a 2018 fatal crash. The video, which remains archived on Teslas website, was released in October 2016 and promoted on Twitter by CEO Elon Musk as evidence that Tesla drives itself.

The video was supposed to show... More

BofA cuts Tesla (TSLA) to $130 as demand concerns rise with competition

Bank of America reiterated a Neutral rating on Tesla (NASDAQ: TSLA) and cut their price target on the EV automaker to $130 (from $135) as the stock has s declined sharply since the end of 3Q22 amidst investor concerns on demand and increased competition in the market. These concerns have been further fed by price cut announcements across China, the US and Europe.... More

Deutsche Bank views Tesla (TSLA) cuts as 'bold offensive move'; Reiterates buy

Deutsche Bank reiterated a Buy rating and $250.00 price target on Tesla (NASDAQ: TSLA) following a price cut by the automaker in a bold offensive move to bring costs below the IRS threshold and qualify for the $7,500 IRA EV tax credit. However, the unprecedented magnitude and global scope of the cuts clearly also reflect pressure on demand. Model prices in North America and Europe were slashed by 6-20% depending on the model.

Analyst Emmanuel Rosner wrote in a note,... More

Deutsche Bank on Tesla (TSLA): 'this could be the cut to end all cuts'

Deutsche Bank analyst Emmanuel Rosner reiterated a Buy rating and $250.00 price target on Tesla (NASDAQ: TSLA).

The analyst comments "Tesla slashed overnight the prices of many of its vehicle prices in North America and Europe, by 6-20% depending on model. These cuts bring down US prices for most Tesla models and... More

Wells Fargo cuts price target on Tesla (TSLA) ahead of 4Q Report

Wells Fargo reiterated an Equal Weight rating on Tesla Inc. (NASDAQ: TSLA) and cut the price target to $130.00 (from $230.00) ahead of 4Q results and as recent sales and large price cuts in China raise growth concerns. The company is scheduled to report 4Q results after the market closes on January 25th.

Analyst Colin... More

Morgan Stanley on Tesla (TSLA): 'Within a painful reset of EV expectations globally, we see Tesla as a winner'

Morgan Stanley analyst Adam Jonas reiterated an Overweight rating on Tesla (NASDAQ: TSLA)

The analyst comments "Could Teslas lower prices stimulate higher demand? Sure. Can aggressive pricing discourage or drive-out competition? Probably. But at a time of slowing economic growth and... More

RBC Capital on Tesla (TSLA): 'In our view, demand clearly has been tougher'

RBC Capital analyst Joseph Spak reiterated an Outperform rating and $186.00 price target on Tesla (NASDAQ: TSLA)

The analyst comments "In our view, demand clearly has been tougher and there is now hiding from the fact that price cuts hurt gross margins. Recall, late last year we cut 2023 auto gross margins (ex-credits) and now model 25.4% vs. Visible Alpha consensus of 27.7% (which has come down in recent weeks). To us, TSLA clearly seems to be focused on using its margins/cost structure to drive volume and fill up its new capacity (Berlin, Austin) which should... More