Tesla: TSLA sinks following Wells Fargo price target cut

Wells Fargo cuts

is now trading at its lowest level since May 2023. Support for Tesla stock arrives soon in the $150s and $160s. Tesla lost the $170 support level on Wednesday after analysts at Wells Fargo downgraded the electric vehicle manufacturer to Underweight from Equal Weight. at $125 Wells Fargo analyst Colin Langan placed a sell-equivalent rating on Tesla stock for its perceived expensiveness compared with other tech leaders. “While an EV & battery tech leader,

stock is now down 59% from its all-time high of $414.50 in November 2021. Deutsche Bank and Morgan Stanley have both trimmed their price targets on Tesla stock since the start of February — to $218 and $320, respectively — but both houses still have buy-equivalent ratings on

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Wells Fargo downgrades Tesla, sees electric vehicle stock dropping nearly 30% from hereWells Fargo is throwing in the towel on Tesla as headwinds for the Elon Musk-led company mount.
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