Tesla stock is down 13 percent since trading opened Monday morning, wiping out the last of the automaker's gains since the election and leaving the company worth less than half its peak value in December. The reasons are many, from poor sales forecasts to the erratic and megalomaniacal behavior of the CEO.
In a note to clients on Monday, analysts at UBS lowered their price target on the stock to $225 from $259, citing lower delivery forecasts for the first quarter it sees resulting from softer demand for Tesla's Model 3 and Model Y vehicles. The firm maintained a Sell rating on the stock. UBS now expects the company to deliver 367,000 cars in the first quarter, down from the 437,000 it said it had "plugged in as a placeholder" after Tesla's fourth quarter results in late January. The firm now sees deliveries falling 5% over last year and 26% from the prior quarter
In the hole and the K-hole too.
Previously:
• Krugman: 'America is now trapped in a burning Tesla'
• Tesla may be tanking the EV industry
