Tesla drop may have preempted ‘sell the news’ event, says Barclays

Barclays analyst Dan Levy believes the selloff yesterday in shares of Tesla (TSLA) may have preempted a “sell the news” Robotaxi launch event on June 12. However, Tesla’s “negative near-term fundamentals may not be fully contemplated in the stock,” the analyst tells investors in a research note. The autonomous vehicle narrative for Tesla “remains front and center” amid an attractive total addressable market opportunity, and the progress Tesla has made “is impressive,” contends Barclays. Yet, the firm believes “it is important to manage expectations on the path ahead of scaling, with significant success arguably already priced” into the shares. Barclays keeps an Equal Weight rating on Tesla with a $275 price target