Tesla shares could be limited going forward, according to Evercore ISI.
Analyst Chris McNally cut his price target on the electric car maker to $200 per share from $300, noting that the stock has now fallen below a key threshold. He also maintained his in line rating on Tesla. "The $150-163 technical level was seen as a critical battleline to defend beyond further weakness…and failed," McNally wrote in a note Tuesday, a day after Tesla shares closed at $149.87.
Tesla shares have gotten pummeled this month, losing 23% as investors grow concerned over CEO Elon Musk's involvement in Twitter, which he owns, and how that could hurt the electric car maker. On Sunday, Musk tweeted a poll asking if he should step aside as Twitter's chief. Most participants voted yes, and Tesla's stock briefly popped Monday . Tesla has also been pressured by worries over its China operation.
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