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A week after Tesla Inc. surprised investors by reporting a quarterly profit, some on Wall Street have started to question the quality of the beat. 

The latest, from analysts at Cowen, highlighted that some of the positive aspects of Tesla’s knockout third-quarter may not be repeated and, worse, it is setting investors up for future disappointment as Tesla sales are expected to remain sluggish in the next few quarters.

“The stock has performed well on the headline (third-quarter) profitability results, but we continue to see Tesla as significantly overvalued given the challenging prospects the company is facing with its current product lineup (S/X/3) and our skepticism of the narrative shift to future growth drivers,” including the Model Y, the Tesla Semi freight truck, and its solar products, the Cowen analysts, led by Jeffrey Osborne, said in a note Wednesday.

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