Bernstein says Musk was curt and 'almost dismissive' on earnings call, sees stock falling nearly 30%
Tesla 's quarterly revenue came in below expectations , and Elon Musk's remarks on the earnings call also seemed to upset a top tech analyst on Wall Street. Toni Sacconaghi, Bernstein senior research analyst who has a underperform rating on the EV player, said he's not pleased with the Tesla CEO's performance on the call. "Aside from the financials, the earnings call didn't sit well with us," Sacconaghi said in a note Thursday.
" The CEO also said Tesla is "pedal to the metal" even with potential recession looming. Sacconaghi set his 12-month price target at $150 for Tesla, which would translate into a nearly 30% fall from Wednesday's close of $222.04. The analyst said he continues to worry about demand levels even though Musk claimed his company had "excellent demand" and that it would continue to sell "every car we can make for the foreseeable future.
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