Why Tesla Stock Dropped on Tuesday
UBS raises deliveries estimates for Tesla -- and thinks the stock will fall 10%.
Overview
Tesla (NASDAQ: TSLA) stock tumbled 6%.1 through 3:15 p.m. ET Tuesday, one week before Tesla is expected to report its Q2 deliveries number -- and just hours after Swiss megabanker UBS announced it's sticking with only a "neutral" rating on Tesla shares ahead of the report.
Image source: Tesla.
A "neutral" rating implies that this analyst is giving Tesla a kind of shrug and a pass on its current valuation. But as StreetInsider.com reports, UBS analyst Joseph Spak thinks Tesla's stock price could decline after deliveries are reported. His price target for the stock, $364, is 10% below Tesla's Monday closing price.
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Source
Originally published at www.fool.com.
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