The number of analysts who have a sell rating on shares of Tesla has never been so high.
"In our experience, we've never seen a stock rise that much that fast with such little regard to past fundamentals or track record," Needham analyst Rajvindra Gill said Wednesday while reiterating his underperform rating. "Irrational exuberance" has hit an all-time high, he added.
He noted that the company has never posted a profit for an entire year, and that year-over-year revenue growth decelerated in 2019., saying it remains "fundamentally overvalued," while Bank of America highlighted 10 reasons "to stay cautious despite the hype." The list included Tesla's "not good or consistent" profitability and cash flow as well as the company's "creative accounting.
Elon Musk speaks on stage during the Westworld Featured Session during SXSW at Austin Convention Center on March 10, 2018 in Austin, Texas.To be sure, there are analysts and investors who are extremely bullish on Tesla. Additionally, FactSet's ratings do not take into account every single Street analyst, and the ratio of bullish to bearish ratings depends, of course, on the number of people who cover the stock.
"Despite past production delays, parts shortages, labor cost overruns, and other difficulties, we expect Tesla to benefit from its dominant position in the electric vehicle industry and to improve performance in 2020 and beyond," Argus analyst Bill Selesky said on Monday as he upgraded the stock to a buy rating.
Jefferies also has a buy rating on Tesla, and in a recent note said there's a "favorable outlook for 2020 earnings," and that "execution improved through 2019."
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