A blistering rally in Tesla Inc shares has powered the EV maker's market value toward trillion-dollar levels, prompting some analysts to question its valuation and downgrade the stock.Goldman Sachs on Monday cut Tesla to 'hold' equivalent rating, joining Morgan Stanley and Barclays, which downgraded the s
A blistering rally in Tesla Inc shares has powered the EV maker's market value toward trillion-dollar levels, prompting some analysts to question its valuation and downgrade the stock.
The EV maker's shares were down 2 per cent in premarket trading on Monday. Tesla's market capitalization of $813.29 billion far outstrips that of Japan's Toyota, which is the next biggest global car company by market value. Tesla shares have also benefited from a string of positive news in the past two months including deals struck by rival automakers Ford and General Motors for gaining access to its charging network, a move that could make its chargers the industry standard.
"While the market is now giving the stock more credit for its longer-term opportunities, we are also cognizant of the difficult pricing environment for new vehicles that we think will continue to weigh on Tesla's automotive non-GAAP gross margin this year," Goldman analyst Mark Delaney said.
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