After the massive spike in Tesla Inc’s (NASDAQ: TSLA) stock so far this year, it’s time for investors “to lock in profits,” according to Canaccord Genuity.
The Tesla Analyst
Jed Dorsheimer downgraded Tesla from Buy to Hold with an unchanged $750 price target.
The Tesla Thesis
The clear buy signal seen for Tesla’s shares at the beginning of 2020 has played out, and the risk of China's coronavirus outbreak is a “clear headwind” to the company’s Shanghai facility, Dorsheimer said in the Tuesday downgrade note. (See his track record here.)
Expectations for Tesla’s Model 3 production in China are pinned at 3,000 per week, …
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