By Will FeuerShares of Tesla Inc. were more than 6% lower Friday as the broader market fell and after analysts at Wells Fargo lowered their price target on the electric vehicle maker, citing uncertainty about underlying demand among other factors. Wells Fargo analysts cut their price target on the stock to $230 from $280 and reiterated their equal-weight rating on the stock. Tesla shares were down to $208.11 in afternoon trading, while the S&P 500 slipped about 2%. There is rising concern about underlying demand for Tesla’s vehicles, particularly in China, the Wells Fargo analysts said. “If consumers are watching costs, a $60K vehicle purchase could get deferred,” the analysts said.

Source: Wall Street Journal October 16, 2022 05:45 UTC