Canaccord Genuity's Jed Dorsheimer said Wednesday that Tesla fundamentals need to catch up to meteoric market run.
stock after its two-day, 33% winning streak said Wednesday that fundamentals need to catch up to the meteoric market run.
"We're certainly not saying short this stock," Canaccord Genuity analyst Jed Dorsheimer, who took down his rating on Tesla sharesHowever, he kept Canaccord's price target on Tesla at $750 per share, which would represent a 15% decline from Tuesday's record close of $887 per share. Short sellers — or traders who bet that a stock will decline — have taken a bath on Tesla, which is one of the most shorted stocks on Wall Street.
In fact, with shares of Tesla surging nearly 300% in the past six months, those betting against the stock and trying to limit their downside lost more than $8 billion since the beginning of the year, according to data from S3 Partners. That includes nearly $2.5 billion in losses based on Monday's nearly 20% surge alone.due to the coronavirus outbreak, gained almost 14% on Tuesday.
Despite Tesla's incredible run, Baron said he will not sell a single share of the electric auto maker. He said his faith in the company "was never shaken," even facing volatility in the stock and
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