TSLA: Tesla Slammed by Wells Fargo Analyst Who Predicts Bear Case of $44 a Share

EV maker lost 4.5% on Wednesday after Wells Fargo wrote it off as “a growth company with no growth.”

Key Points:

• Tesla stock tumbles 4.5% after report.
• Wells Fargo sees 75% decline in shares.
• Musk is looking to wrap a painful quarter.
• Tesla stock TSLA dropped 4.5% on Wednesday after Wells Fargo published a highly criticizing report that called for a bear case of $44 a share, or about 75% below current market prices of $169 a pop. The dire price target, according to the note released, could materialize in the next 12 months. Shares of the EV maker are down 31% on the year.
• Tesla is a “growth company with no growth,” wrote Wells Fargo analyst Colin Langan, citing the company’s 3% sales growth in the second half of 2023 from the first half. Tesla’s languishing performance has threatened to cast it out of the super-elite Magnificent Seven club.
• The year is not kicking off on a positive note for CEO Elon Musk. The billionaire lost the world’s richest title to Jeff Bezos couple of weeks ago. Moreover, Musk is the world’s biggest loser by net worth washed out as he’s staring at a drawdown of $44 billion since the start of 2024.