the Tesla shares fell nearly 4.0 percent This Monday, because a $ 113 cut in JPMorgan Chase's price for the electric car manufacturer, increased the growing doubts on the market about a privatization plan for the company.
By lowering you target price for Tesla from $ 308 to $ 195, The brokerage said it did not believe that Chief Executive Elon Musk had funded the project that had been announced in a tweet two weeks ago, in which he said that he & # 39; s insured funds & # 39; had.
US bank analysts had increased their prognosis from $ 198 to $ 308 after raising about $ 100 in Tesla shares after Musk's tweets on August 7, and Monday's report was the latest evidence of Wall's skepticism. Street related to the agreement.
People familiar with the issue said on Sunday that PIF, the sovereign wealth fund of Saudi Arabia whose Musk said it would help finance the purchase, is in talks to invest in the rival of Tesla, Lucid Motors Inc.
"Our interpretation of the subsequent events makes us believe that this financing was not insured for a privatization transaction, nor was there a formal proposal," JPMorgan analyst Ryan Brinkman wrote in a note to customers.
"Tesla seems to be investigating a privatization transaction, but now we think this process seems much less developed than we had previously assumed, suggesting that incorporation in our valuation analysis may seem premature at the moment," the analyst added.
JPMorgan now again points to a target price of shares, which is still undervalued, at $ 195, compared with the end of Friday of $ 305.50. The average target price of Wall Street analysts for Tesla is $ 336.
Tesla's stock fell to $ 285 for at least three months in the operations prior to the opening of the market, subsequently recovering approximately $ 300, bringing the market value back below that of General Motors, which was ranked as the largest American automaker.
Already last Friday, Tesla's shares had collapsed nearly 9 percent after the company's chief executive, Elon Musk, The New York Times that he was under considerable emotional stress and that he was preparing for "extreme torture" by sellers.
Musk surprised last week by writing in a tweet that he evaluated Tesla for $ 420 per share from the stock market and that he was already certain of funding to do so. The American securities commission has opened an investigation with regard to these tweets, according to a person with direct knowledge of the matter.