Tesla Dropped from Wall Street's Top Tech Stocks as Competition Heats Up and Growth Slows
• Tesla's fall from the Wall Street "Magnificent 7" (top tech stocks) signals a healthy stock market according to Wharton professor Jeremy Siegel, as investors distinguish between companies • Tesla faces increasing competition, lackluster earnings reports, and analysts downgrading estimates and stock price targets • Goldman Sachs analysts cut 2025/2026 delivery estimates for Tesla from 2.53-3M to 2.35-2.75M vehicles • Wells Fargo analyst called Tesla a "growth company with no growth," citing flat 2023 sales volumes and 5% price declines • Tesla's stock has fallen 31% year-to-date and 6% in the past year amid market doubts over its valuation compared to other tech giants