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Tesla Falls After Analyst Warns of European Competition, Walmart Sues

Stock MarketsAug 21, 2019 01:50PM ET
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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.

Tesla Falls After Analyst Warns of European Competition, Walmart Sues
 

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HERBERT NGERA
HERBERT NGERA Aug 21, 2019 1:58PM ET
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We "just" lost a chance to run another monopoly like windows, apple, facebook and etc. Reason being the shots were so busy trying to protect their fossil fueled dinosaur technologies they gave the monopoly to German giants. All because they thought frustrating Elon Musk would be a win...Someone called this strategy cutting your own nose to spite your face!
Antony muinde
Antony muinde Aug 21, 2019 1:07PM ET
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Elon on pressure
Nkosi Mjweni
Nkosi Mjweni Aug 21, 2019 12:12PM ET
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not yet boring
JNUG Fiend
JNUG Fiend Aug 21, 2019 12:01PM ET
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Weak news....
 
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