Tesla’s share price has plummeted again as one of it’s most bullish Wall Street analysts has slashed his price target for the company’s stock.
Since placing himself front and centre of Donald Trump’s presidential campaign and subsequent president, Elon Musk has witnessed the share price in his electric vehicle company drop through the floor.
This has largely been through his own actions, such as performing a questionable salute on Inauguration Day and sparking Tesla boycotts across America and Europe.
This anti-Musk protest from consumers, combined with Trump’s tariff announcements decimating the global stock market, have led Tesla’s share price to slump once again.
In the two days after Trump’s tariffs were confirmed, Tesla shares plunged 15%. Now, one of the company’s most bullish Wall Street investors has slashed his price target for the stock by 43%, specifically calling out Musk and Trump for the company’s poor performance.
Daniel Ives, a Wedbush Securities analyst who’s rated the Tesla’s shares a buy for the last four years, has cut his his Tesla share-price target to $315 from $550.
In a report to clients on Sunday, Ives said the company had “essentially become a political symbol globally,” Bloomberg reports.
He continued: “It is time for Musk to step up, read the room, and be a leader in this time of uncertainty.”
The analyst said the biggest concern for Tesla at the moment though was a trade war with China following Trump’s tariffs on the country.
Tesla generated more than a fifth of its revenue from China last year, but Trump has introduced a 34% tariff on all imports from China into the US.
In response, Beijing has said it plans to impose its own 34% tariff on all imports from the US starting April 10.
Ives said in his note that this would drive Chinese consumers to domestic manufacturers such as BYD.
“We now estimate Tesla has lost/destroyed at least 10% of its future customer base globally based on self-created brand issues, and this could be a conservative estimate,” he added.
After reaching a record high in December, Tesla’s stock has fallen by 50%, and last week the company reported its biggest drop in sales ever.
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