Tesla #TSLA shares fell due to SAP report and lower target price from Piper Sandler
Tesla shares came under pressure after reports that German SAP no longer plans to buy electric vehicles from the American automaker, as well as a reduction in the target share price from Piper Sandler, citing lower expectations for deliveries this year.😱
Shares of #TSLA eventually fell by 4%, reaching their lowest level since May 2023. If losses persist, the world's most expensive automaker could lose almost $24 billion in market capitalization.
Elon Musk said in January that high interest rates had led to an increase in monthly payments for Tesla cars, making them less affordable for consumers.
Despite this drop, Tesla shares are trading 57.75 times higher than the projected 12-month profit forecast (P/E) compared to 24.10 for Meta Platforms #META and 40.97 for Amazon, #AMZN🤦♂
Tesla shares came under pressure after reports that German SAP no longer plans to buy electric vehicles from the American automaker, as well as a reduction in the target share price from Piper Sandler, citing lower expectations for deliveries this year.😱
Shares of #TSLA eventually fell by 4%, reaching their lowest level since May 2023. If losses persist, the world's most expensive automaker could lose almost $24 billion in market capitalization.
Elon Musk said in January that high interest rates had led to an increase in monthly payments for Tesla cars, making them less affordable for consumers.
Despite this drop, Tesla shares are trading 57.75 times higher than the projected 12-month profit forecast (P/E) compared to 24.10 for Meta Platforms #META and 40.97 for Amazon, #AMZN🤦♂