Posted 3/13/2024, 1:41:48 PM
Tesla Loses Its Growth Luster as Demand Falters and Wall Street Sours on Stock
- Tesla labeled a "growth company with no growth" by Wells Fargo analyst due to flat sales volumes and falling prices
- Wall Street sentiment on Tesla worsening, with share of bullish ratings dropping to lowest since April 2021
- Tesla stock down 29% year-to-date, wiping out over $224B in market value and falling out of top 10 S&P 500 companies
- Despite selloff, Tesla still trades at big premium to auto peers based on forward P/E multiple
- Some analysts still optimistic on long-term growth trajectory, but near-term demand outlook is weakening