It started to feel like the fundamentals were becoming detached from reality... We think the stock works best when there are auto company fundamentals that justify the stock price.
Tesla's nearly 14-fold increase in its stock the last five years has conditioned investors to hold on during periods of adversity... even some of the company's diehard believers have become skeptical.
Of the 18 mutual funds tracked by Morningstar that have held Tesla shares since 2019, 10 reduced their positions in the last quarter... Only five added shares.
Nineteen analysts tracked by LSEG now have either a 'buy' or 'strong buy' rating on Tesla, up from 17 in February... The average price target stands at $178.95.
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