Here's Why Tesla Bulls are Unshakeable

Credit: The Street
Published on May 20, 2019 - Duration: 00:59s

Here's Why Tesla Bulls are Unshakeable

Another day, another Tesla headline.

The company's shares were indicated sharply lower Monday, extending the stock's year-to-date decline past 40% and sliding under the $200 mark, as analyst at Wedbush raised further concerns over underlying demand for the carmaker's flagship Model 3.

Wedbush analyst Daniel Ives cut his price target on the clean-energy carmaker to $230 from $275.

Analysts also dug into the company's path to profitability, the company's new CFO and the many other projects that Tesla has undertaken.

When speaking with TheStreet's Katherine Ross, Jim Cramer points out how Tesla's bulls may have reacted to the Wedbush note.

"The bulls and Tesla don't care about anything but Elon Musk, and Elon Musk is in there...this thing can go to zero and the bulls will love it, I mean, it just doesn't matter.

They are unshakeable," Cramer said.

"They will just say, you know what, this is a temporary blip.

And, um, if you read the Wedbush piece, which they will not, they'll just think the Wedbush guy is now owned by the bears," Cramer added.

Related.

Tesla Resumes Slide After Wedbush Price Cut; Shares Hit December 2016 Low Related.

What's Next for Tesla as Major Investors Dump Shares?

Watch Jim Cramer's Daily NYSE Show and Replays Below

Advertisement

You are here

You might like