TSLA — Downgrade Wave · Stock -14% Biggest 13-Month Loss
Published · Updated · By Investus editorial desk (SUNRYU Partners)
Post-earnings, multiple IBs cut TSLA PTs. Cantor $475→$445, Wolfe $480→$460, Truist $505→$460, Morgan Stanley $480→$450, Wells Fargo $470→$460 (Ming Z compilation noted -12% at that moment). Per Barchart's close, TSLA finished -14% — the biggest 13-month loss. Reflects margin/CAPEX concerns despite record revenue.
Downgrade Wave Detail
Per Ming Z's compilation:
- Cantor Fitzgerald: $475 → $445
- Wolfe Research: $480 → $460
- (Warmed): $490 → $460
- Truist: $505 → $460
- Morgan Stanley: $480 → $450
- Wells Fargo: $470 → $460
Multiple large IBs cutting PTs at the same time signals margin/CAPEX concerns behind the record revenue are actually landing in consensus. When Ming Z posted the compilation, TSLA was down ~12%; per Barchart's close it extended to -14% — biggest loss in 13 months.
Why Downgrade a Record Print?
Most of the downgrade thesis focuses on (1) Auto GM ex-credits stuck around 15%, (2) FCF turning negative from CAPEX up +141% YoY, and (3) Robotaxi/Cybercab unit economics not yet validated. Revenue-growth premium gets offset by uncertainty over when profits come.
Watch Next
Cantor reaffirmed Overweight/$510 as recently as yesterday but cut to $445 today — a large tone swing. Wolfe/Truist made similar moves; Morgan Stanley's $450 still implies upside vs price. Next validation axis: Q3 direction of margin and CAPEX.
Sources & further reading
See the body and ticker IR links for sources on this note.
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Disclaimer
This article is editorial research for informational purposes only. It is not investment advice, a recommendation, or a solicitation to buy or sell any security, and does not guarantee any return. Markets carry risk of loss. Verify figures against the primary sources before making decisions.