One Tesla Inc (NASDAQ:TSLA) Wall Street analyst reduced his price target for the stock by 22% Friday and said investors should expect yet another equity offering from Tesla in the near future.
The Tesla Analyst: BofA Securities analyst John Murphy reiterated a Neutral rating on Tesla and cut the price target from $900 to $700.
The Tesla Takeaways: In the note, Murphy said stock sales are still Tesla’s key source of funding at this point, and the stock’s weakness in recent months reduces its ability to minimize dilution.
