Tesla Sank 15% on Its Q2 Miss. Wall Street's Average Price Target Now Implies 29% Upside.
The market just repriced the stock in a single session, leaving many analyst price targets significantly higher than the current stock price. Is it time for the stock to rebound?
Overview
Tesla (NASDAQ: TSLA) shareholders had a rough Thursday. Shares of the electric car maker sank about 15% following the company's second-quarter report, closing at $319.69 -- near the bottom of a 52-week range that runs from $297.82 to $498.83.
But Wall Street barely budged. The average analyst price target on the stock sits near $412 as of this writing, about 29% above Thursday's close. And across the 44 analysts covering the company, the consensus rating is still a buy.
Details
That's quite a gap. So is the drop a buying opportunity, or is Wall Street just slow to mark down a story it has believed in for years?
Source
Originally published at www.fool.com.