Tesla Keeps Sliding as JPMorgan Sees No Secured Funding for Deal

Posted On August 20, 2018 1:17 pm

Tesla Inc.’s shares continued to fall pre-market on Monday after JPMorgan analyst Ryan Brinkman slashed his price target on the stock, saying that funding for the “going private” deal does not appear to be secured.

Shares of the electric-vehicle maker were down as much as 4.3 percent in pre-market trade, after closing down 8.9 percent on Friday.

Brinkman, who had hiked his price target on Tesla after Elon Musk’s Twitter statement about taking the company private, lowered it to the earlier level of $195 from $308.

“The revelation the Saudi fund is subsequently asking Tesla for details of how the company would be taken private suggests to us that any deal is potentially far from even being formally proposed,” the analyst wrote in a note to clients.

Continue Reading at Bloomberg.com

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