EV maker’s shares hit a more than two-year low
) fell nearly 6% on Tuesday after a string of brokerages cut their price targets on the electric-vehicle maker’s stock, citing the risk from Elon Musk’s Twitter distraction.Analysts say investors are worried that Musk may need to sell shares further to fund Twitter and sentiment around the acquisition of the social media firm could hurt the EV maker’s brand.
Daiwa Capital Markets also cut its price target to $177 from $240, citing a “higher risk profile from the Twitter distraction”. Daiwa lowered the company’s delivery estimate by 5% for 2023 and forecast an 8% reduction in revenue per unit year-over-year.
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