Tesla Bear Shrugs Off 40% Run-up As 'Meme-Like' Rally: 'Valuation Is Disconnected From The Fundamentals'

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What Happened: Tesla is clearly riding the momentum of better-than-feared second-quarter deliveries number but it should be noted that sales were down 5% year-over-year in the June quarter on top of the 9% drop in the previous, said Bernstein analyst Tony Sacconaghi in an interview with CNBC.$TSLA analyst Toni Sacconaghi on shares of the EV maker:"We could continue to see some momentum in the stock, but this is meme-like, quite frankly.

Tesla, Inc.(NASDAQ:TSLA) continued to push higher and completed a nine-session run on Monday and the strong gains have left bearish analysts even more uncomfortable with the company’s rising valuation.

The valuation is disconnected from the fundamentals".pic.twitter.com/5d85RK2JGa

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Article Details

Author / Journalist: Shanthi Rexaline

Category: Technology

Markets: United States

Topics: Expert Ideas Electric vehicles News Tech Stories That Matter Tony Sacconaghi TSLA Benzinga Equities General Mobility EVs Markets US88160R1014

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-09 @ 06:26:33 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 421 words

Reading Time: 3 minutes read

Sentences: 18 lines

Sentence Length: 24 words per sentence (average)

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Copyright Owner: © Benzinga

News ID: 21551280

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