Why Tesla Stock Is in the Red Today
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Shares of Tesla (TSLA) fell nearly 5% after JPMorgan Chase lowered its price target from $231 to $135, maintaining a sell rating. Analyst Ryan Brinkman noted the unprecedented decline in Tesla's value, projecting an 8% drop in deliveries for the current quarter. Concerns were raised about CEO Elon Musk's controversial government involvement potentially impacting sales. The overall sentiment towards Musk's actions remains difficult to assess, with the stock trading at 86 times forward earnings, leading some to avoid investing in it.
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