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JP Morgan Sees Headwinds for Tesla Shares
JP Morgan Sees Headwinds for Tesla Shares

JP Morgan Sees Headwinds for Tesla Shares

JP Morgan Sees Headwinds for Tesla Shares

Tesla’s electric car sales will suffer due to increased competition from German automakers, according to J.P. Morgan. The firm reaffirmed its underweight rating on Tesla shares, citing the electric car pipelines from Mercedes-Benz, BMW and Audi, CNBC reported. “Tesla has, to date, faced relatively little competition in the market for luxury electric vehicles, and so we think shoppers have been willing to cut the automaker some slack when it comes to some aspects of service and build quality,” analyst Ryan Brinkman wrote in a note to clients Friday. “When similarly priced high-end long-range electric vehicles become available from prestigious brands with strong reputations for both service and build quality, we believe this could represent a meaningful headwind for Tesla.” Tesla’s stock closed down 3.3% Friday. The analyst said Daimler, the owner of Mercedes-Benz, has said it will launch 10 battery-powered electric vehicles by 2022. He also noted Audi’s electric vehicle pipeline. Brinkman reaffirmed his $185 price target on Tesla shares, representing 38% downside from Thursday’s close.

 

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