Tesla stock tanked Thursday after the company’s highly anticipated investor conference largely fell short of Wall Street’s hopes.
less expensive model, with Musk instead focusing on his grandiose vision for a solar and battery-powered global future.
What Tesla presented Wednesday was “long-term focused, somewhat disjointed and fairly technical,” Bernstein analyst Toni Sacconaghi wrote in a Thursday note to clients, maintaining his $150 price target for Tesla, indicating 21% downside. “Most important” was the omission of any information on a cheaper Tesla vehicle, according to Sacconaghi, predicting the company won’t be able to produce a less expensive car at scale before 2025, and will need to cut prices on its existing models in the interim to meet growth targets .
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