conversely, an analyst’s opinion

(CercleFinance.com) – Tesla lost more than 6% on the Nasdaq, while Canaccord Genuity cut its price target on the stock Thursday from $304 to $275, while maintaining its buy recommendation on the stock.

In a research note, the Canadian broker points out that the car group has just suffered the worst stock market correction in its history, with a drop that has now reached almost 62% since the start of the year.

At current prices, the capitalization of the Californian group ($419 billion) has fallen below that of the oil company ExxonMobil ($438 billion), he claims in his study.

Canaccord acknowledges that between the decline in sales in China, the drop in its selling prices and the Twitter file, the company’s fundamentals are far from clear at the moment.

But the broker claims to see some encouraging signals for the next six to 12 months, especially from a long-term perspective, starting with the scenario of an upcoming reopening of the Chinese economy.

The specialist also says that he bets a lot on the establishment in the United States of tax credits intended for buyers of electric cars.

From this point of view, Canaccord Genuity believes that Tesla is still the “mastodon” in terms of sustainable development, not only because of its strengthened leadership in electric vehicles, but also because of its positioning in a few adjacent markets such as solar energy, energy storage or robotics.

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