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Tesla’s stock tanks after analyst blasts Musk’s ‘sci-fi projects’

Tesla’s stock tumbled to a 30-month low after an analyst claimed Elon Musk’s distraction with “sci-fi projects” has plunged the electric car maker into a “code red situation.” Wedbush Securities’ Dan Ives on Monday cut his price target for Tesla shares to $230 from $275, saying Musk must focus on simplifying the company’s business model and cutting costs as Tesla faces “headwinds” that include softening demand in the US. “With a code red situation at Tesla, Musk & Co. are expanding into insurance, robotaxis, and other sci-fi projects/endeavors when the company instead should be laser focused on shoring up core demand for Model 3,” Ives wrote. The withering note failed to mention that Musk is also the chief exe ...