News on the evening of June 29th, Beijing time, according to reports, investment bank UBS (UBS) released an investment research report today, lowering Tesla's (Nasdaq: TSLA) target stock price from 730 US dollars to 660 US dollars, and continuing to maintain its shares. "Neutral" rating.
UBS analyst Patrick Hummel (Patrick Hummel) said in the report that the lower Tesla's target stock price is because the company faces "several negative" factors. In the coming quarters, the situation will be more favorable for Tesla's competitors.
UBS survey results show that 43% of consumers may consider buying an electric car, which is 600 basis points higher than last year. In terms of popularity, Tesla is still the most popular electric car brand. However, brands such as BYD, NIO Auto and Xiaopeng Auto have shown strong momentum, posing a threat to Tesla.
In addition, Volkswagen and General Motors also provide a "re-rating opportunity", and their ecosystem assets are currently severely undervalued.
Humel said: "Our main short-term concern is that Tesla's demand momentum in China is slowing down. Our field investigations show that compared with Tesla, Chinese domestic brands of battery electric vehicles are gaining further momentum. Market share, which may trigger Tesla to take additional pricing actions, thereby reducing gross margins."
Hummel also said that the delay in the release of Model Y in Europe, the delay in fully automated driving (FSD) and the next-generation 4680 battery at the Fremont plant will also affect market sentiment. In order to achieve better market performance, Tesla needs "new conclusive evidence" to prove its leading position in the software/FSD field.
Yesterday, Tesla shares closed at 688.72 US dollars, up 2.51%. After the market opened today, Tesla's stock price once reported at $684.46, down 0.62%.