UBS LOWERS ITS PRICE TARGET ON TESLA; STOCK RISES
Tesla’s stock is currently trading at 223.58-higher by 0.33% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 1.01%. The stock has pared its earlier losses and turned positive after the opening bell.
Investment bank UBS lowered its 12-month price target on the automaker’s stocks to $160 from $200. The investment bank also reiterated a Sell rating on stocks of Tesla. UBS slashed the automaker’s EPS estimates for the rest of 2019 to until 2023. The investment bank cut the company’s second-quarter EPS estimate to a loss of 78 cents from a loss of 49 cents.
Stocks of the company plunged more than 10% after Tesla said it had delivered 63K vehicles in the first quarter below the market expectation of about 76K vehicles. Tesla stocks have fallen 33% so far in 2019.
On the technical front, the RSI is currently at 55.36% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- STOP BUY AT 223.70 TAKE PROFIT AT 225.70 STOP LOSS AT 222.70