Oh, dear! It seems like the banking giant Wells Fargo has some not-so-sweet news for Tesla fans. According to CNBC, the automotive and mobility analyst Colin Langan predicts that Tesla’s (TSLA) stock is about to take a massive nosedive. 😱
In a note to clients, Langan says that Tesla’s core auto business is weakening, which could drag the company’s stock down. He’s giving Tesla an underweight rating and a $120 price target, meaning the shares could drop by a whopping 61% from Monday’s closing price of $308.58. 📉
But wait, there’s more! This bearish forecast comes even as investors eagerly await Tesla’s robotaxi launch in Austin today. These vehicles are set to provide on-demand transportation without human drivers. 🤖
Langan believes that potential tailwinds, like Tesla’s work on autonomous driving, won’t be enough to offset weak automotive numbers. He says, “Most investor attention is directed at the June 12th Austin Robotaxi deployment. We doubt the likely limited debut will be enough to overshadow the poor fundamentals.” 😒
Tesla’s global deliveries are down 23% year over year, and the company’s stock has already dropped by more than 22% in 2025. In June alone, the stock slumped by nearly 10%. 📉
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2025-06-13 03:01