Tesla is the worst performing stock in the S&P 500. Analysts say it has further to fall
CNN
Elon Musk’s Tesla once represented the future of automaking. Now the company’s own future is in question.
Elon Musk’s Tesla once represented the future of automaking. Now the company’s own future is in question. The once red-hot electric vehicle maker — heralded as part of the so-called Magnificent Seven behemoth tech stocks — is currently the worst performer in the S&P 500 this year, down nearly 32% since January. The story of Tesla’s (TSLA) decline has been well documented. The company has been plagued by safety issues and recalls, slowing growth and has even been forced to slash prices. But a new report by Wells Fargo analyst Colin Langan on Wednesday offers a darker picture than previously imagined. Tesla, he wrote, is a “growth company with no growth.” Langan predicts that Tesla’s growth will remain flat this year and then decline in 2025 as competition increases, deliveries disappoint and the beleaguered auto and tech company is forced to cut prices again. UBS also downgraded its forecast for Tesla on Wednesday. Analysts said concerns are mounting as demand for electric vehicles slow and China begins to compete in the market.
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