Tesla Falls After Goldman Sachs Cuts Price Target

Tesla Inc TSLA shares fell Thursday after Goldman Sachs cut its price target from $200 to $158.

Sustainable demand was at the top of Goldman's concerns.

“We believe that is the largest question for investors to underwrite at this point — what are sustainable demand levels for the Model S, Model X, and Model 3 — and how does that change with the introduction of Model Y production," said Goldman Sachs analyst David Tamberrino. "We believe a downward path for shares will resume as it becomes more clear that sustainable demand for the company’s current products are below expectations.”

Tesla shares traded lower by 3% to $219.44 at time of publication. The stock has recovered a bit during the month of June, but is still down 34% in the year-to-date period.

Tesla's stock has a 52-week high of $387.46 and a 52-week low of $176.99.

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