Investing.com - Tesla (NASDAQ:TSLA) shares slumped Wednesday after a double-dose of bad news.
Shares of the electric carmaker were down 2.3% in midday trade after an analyst said competition is weighing on its sales.
“Our analysis suggests that the deteriorating sales trajectory of the Model S and X may be primarily due to competition, particularly in Europe, from Jaguar and Audi,” Bernstein’s senior technology analyst Toni Sacconaghi wrote in a note to clients on Wednesday.
The company has been struggling to meet its quota for the year, with Model S and X averaging about 14,000 per quarter, below its typical 20,000 to 25,000 cars.
But Bernstein reiterated its market perform rating on the stock and its $325 price target.
Tesla) was down earlier in the day after reports that Walmart (NYSE:WMT) is suing the company for its solar panels allegedly catching fire.
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