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Tesla is heading to the multi-year low


Shares of Tesla Inc. tanked 3.6% toward a 2 1/2-year low in premarket trade Monday, after analyst Dan Ives at Wedbush slashed his price target, citing "major concerns" about the trajectory of the electric car maker's growth prospects.

Stocks are moving to new lows as Wedbush slashed price target, again

Stocks impacted: Tesla (TSLA)

Ives kept his rating at neutral but lowered his price target to $230 from $275, less than a month after downgrading Tesla to neutral from buy and cutting his price target to $275 from $365. Ives said he also has concerns over underlying demand for lower-priced Model 3 cars, which is "putting more heat in the kitchen" for Tesla to cut expenses at an accelerated rate with profitability targets in the second half of the year, "a Kilimanjaro-like" uphill climb.

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