Tesla stock starts 2023 as the S&P 500's biggest decliner
Shares of Tesla Inc. (TSLA) tumbled 10.3% in morning trading Tuesday, to start the year as the S&P 500's biggest decliner, in the wake of the electric vehicle maker's disappointing deliveries data. The selloff retraces 90.0% of the $14.08, or 12.9% bounce the stock enjoyed over the past three days, after closing last Tuesday at the lowest price since Aug. 13, 2020. Tesla's deliveries miss comes despite China-based rivals Nio Inc. (NIO) and Li Auto Inc. (LI) reporting deliveries data that beat expectations by wide margins. Tesla generated about 24% of total third-quarter revenue from its China operations. Deutsche Bank's Emmanuel Rosner was one of four analysts surveyed by FactSet that cut their Tesla stock price targets to start 2023. Rosner cut his target to $250 from $270 but kept his rating at buy, saying that while fourth-quarter deliveries missed expectations, Tesla "remains in best position for 2023 growth." Tesla's stock has plummeted 72.4% over the past 12 months, the worst 12-month performance in the company's history, while the S&P 500 has shed 20.4%.
-Tomi Kilgore
(END) Dow Jones Newswires
January 03, 2023 10:34 ET (15:34 GMT)
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