Tesla stock drops as Goldman cuts price target, maintains 'Buy' rating (3 min read)
Goldman Sachs downgraded the price target of Tesla stock to $235 from $305 but kept its Buy rating intact. It believes that Tesla is still well positioned for long-term growth as an EV cost structure and full solution leader. New battery cells, IRA credits, and a potential new vehicle platform in the coming years may also help Tesla reduce cost and boost profitability. However, Goldman described Elon Musk’s presence at Twitter and foray into political topics has resulted in Tesla’s brand becoming more polarizing.