Elon Musk speaks at Tesla Investor Day.
Courtesy: Tesla
Tesla the stock continued its decline Thursday morning, a move that had begun the day past at Tesla’s Investor Day that provided investors with a long-term vision, but details about recent services or products were lacking.
Shares in the electrical vehicle maker fell about 7% on the opening, despite analysts’ positive response to CEO Elon Musk’s presentation and Tesla’s overall outlook. Musk and his management repeated on the event, which included a three-hour presentation followed by a Q&A session.
“Within the race to the underside, we’re seriously considering how the competition can sustain,” Morgan Stanley auto analyst Adam Jonas wrote in a Thursday note. Jonas is chubby and has set a stock price goal of $220.
Goldman Sachs maintained a buy rating and a $200 price goal, with analyst Mark Delaney writing on Thursday that “the event reinforced our positive view of the corporate’s long-term competitive position.”
But Delaney warned that “the dearth of clarity beyond the comment that they’re working as soon as possible and may very well be in the following few years may very well be seen as a disappointment to some.”
Musk has unveiled the third installment of his “Master Plan”, an update to his ambitious 2016 Part Deux Master Plan. The goals of this plan, which included allowing Tesla owners to “make cash” on their automobile while it could otherwise sit idle, have yet to be achieved. Tesla stock is up greater than 80% because the start of the yr but stays removed from its 2021 peak, which propelled the share price above $400.
— Lora Kolodny and Michael Bloom of CNBC contributed to this report.