Investing.com – Tesla (NASDAQ: ) is down more than 65% year-to-date, according to its closing price of $121.82 on Thursday (29th). This week’s low was $108.24, also the lowest since August 2020.
As Tesla’s stock price hit its longest decline since August, some sell-side analysts jumped out to defend Tesla this week, saying that the sharp drop is a good opportunity to buy Tesla’s bottom.
However, Wedbush analysts believe that Tesla CEO Elon Musk still needs to do ten things next year to improve market sentiment towards Tesla:
1. Find a CEO for Twitter by the end of January.
2. Stop selling Tesla stock, no more “cry wolf” or Pinocchio.
3. Conservative delivery targets for 2023 given the bleak macro picture.
4. Refocus on Tesla, not Twitter.
5. Announce that Cybertruck will be on the road by the end of 2023.
6. Restructure the board to include directors with more experience in technology and electric vehicles.
7. Buy back, buy back, buy back! Big share buyback programs are crucial to confidence on Wall Street.
8. For Tesla’s margin structure, provide more financial indicators and transparency.
9. Musk getting more political on Twitter is a bad thing for electric car sales; and
10. Deploy Twitter’s strategic plan.
Wedbush also removed Tesla from its list of “best investments” and lowered its target price on Tesla from $250 to $175.
Analysts said: “From a long-term perspective, we are still optimistic about Tesla and the company’s performance, but Musk must start to change direction, otherwise the situation may get worse.”
[This article is from Yingwei Caiqing Investing.com, to read more, please log in to cn.investing.com or download Yingwei Caiqing App]
recommendread
Compiler: Liu Chuan