Tesla's biggest bull slashes TSLA stock price by over 40%

Group 1 - Wedbush Securities analyst Dan Ives has reduced Tesla's price target by 42% from $550 to $315, while maintaining an 'Outperform' rating [1] - The new price target indicates that Tesla's stock would need to increase by 46% from its last closing value of $239.43 to reach the revised target [1] - Ives noted that Tesla's brand is increasingly viewed as a "political symbol," which has negatively impacted its perception amid CEO Elon Musk's controversial public statements [2] Group 2 - Ives expressed that this is a critical moment for Musk, emphasizing the urgency for a turnaround as the brand's strength is waning [3] - The analyst warned of potential "darker days ahead" for Tesla if Musk does not take action, citing softer demand and rising competition as significant factors for the price target reduction [4] - Tesla is facing challenges such as declining sales and increased competition from Chinese manufacturers, which are contributing to the stock's downward trend [6] Group 3 - RBC Capital Markets' Tom Narayan also cut his Tesla price target by $120 to $320, highlighting intensifying competition in the full self-driving sector [7]