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Goldman Sachs Cuts Tesla Stock From Buy To Hold After 4 Big Analyst Cuts

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Goldman Sachs Cuts Tesla Stock From Buy To Hold After 4 Big Analyst Cuts

(CTN News) – Looking back at the biggest Tesla analyst downgrades you may have missed since Friday. Here are your Pro Recaps of Tesla, Alphabet, Celanese, and Viatris’ cutbacks.

The news was first shared with InvestingPro subscribers. Be the first to hear about the latest market-moving stories.

Goldman Sachs downgrades Tesla to ‘underperform’

In the wake of a massive rally (up 108% year-to-date) in Tesla (NASDAQ:TSLA)’s stock, Goldman Sachs downgraded the electric car maker’s stock to Neutral from Buy with a price target of $248.00 (from $185.00).

As of today’s premarket, shares were down nearly 2%.

Considering Tesla’s leading position in the electric vehicle and clean energy markets, Goldman believes the company is well positioned for long term growth, but believes its valuation has now been better reflected in the stock price.

In addition to the valuation-driven rating change, the analyst noted that there is a “difficult pricing environment for new vehicles” that is likely to negatively impact Tesla’s non-GAAP gross margin in 2023.

As a result of this downgrade, Tesla has had four downgrades in the last month.

The UBS Group downgraded Alphabet, stating that Meta and Amazon have better risk-reward ratios

According to InvestingPro, UBS has downgraded Alphabet (NASDAQ:GOOGL) to Neutral from Buy with a price target of $132.00 (from $123).

The decision by the firm to move to the sidelines has been influenced by several factors.

There is limited upside potential compared to the current high-single-digit Site growth estimates, medium-term revenue risk, the possibility that GenAI investments will offset operating income margin growth, and the perception that other stocks offer better risk-reward opportunities, including Meta Platforms (NASDAQ: META) and Amazon (NASDAQ: NASDAQ:AMZN).

Two more downgrades have been made

BMO Capital downgraded Celanese (NYSE:CE) to Market Perform from Outperform and lowered its price target from $133.00 to $119.00 in light of continued end market weakness.

The shares of Viatris (NASDAQ:VTRS) declined nearly 3% on Friday after Barclays downgraded the company from Equalweight to Underweight and set a price target of $11.00 for the stock.

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