Tesla (TSLA – Research Report), the Consumer Cyclical sector company, was revisited by a Wall Street analyst today. Analyst Gordon Johnson from GLJ Research maintained a Sell rating on the stock and has a $19.05 price target.
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Gordon Johnson has given his Sell rating due to a combination of factors related to Tesla’s recent Robotaxi rollout. The launch, which was highly anticipated, has been limited to a small group of Tesla enthusiasts rather than the general public, raising concerns about its readiness and scalability.
Johnson’s analysis highlights several operational issues observed during the initial days of the rollout. These include the Robotaxi’s inability to execute basic maneuvers like left turns, instances of driving on the wrong side of the road, and phantom braking incidents that could potentially lead to accidents. Additionally, there were reports of the Robotaxi improperly ending rides in unsafe locations, such as the middle of the road or intersections, causing traffic disruptions. These operational failures suggest significant challenges in Tesla’s autonomous driving technology, leading Johnson to recommend a Sell rating for Tesla’s stock.
According to TipRanks, Johnson is an analyst with an average return of -5.7% and a 55.02% success rate. Johnson covers the Technology sector, focusing on stocks such as SolarEdge Technologies, Sunrun, and Enphase Energy.
In another report released on June 23, Guggenheim also maintained a Sell rating on the stock with a $175.00 price target.