Tesla is set to kick off deliveries of its long-awaited Cybertruck Thursday, but not everyone on Wall Street is convinced the debut will move the needle in terms of stimulating growth for the Elon Musk-run company.
TSLA 1M mountain Tesla shares over the last month To be sure, despite some cautionary commentary from major Wall Street firms, Tesla shares have almost doubled in 2023 as investors veered back into growth stocks.
"However unlikely just a few days before first deliveries, canceling Cybertruck would probably be positive for shares," he wrote in a report to clients while reducing his Tesla price target to $210 from $250 a share.
By itself, however, the new truck won't help Tesla's shares, Guggenheim believes.
Jewsikow most recently retained a $125 price target on the stock, implying 49% downside from Wednesday's close.
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Tesla, Ronald Jewsikow, Philippe Houchois, Tom Narayan, Narayan, Guggenheim's, Tesla's, Guggenheim, — CNBC's Michael Bloom
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