Stocks : UBS expectation pulls down Tesla

BENGALURU: Tesla Motors Inc is just not feeling the love from Wall Street, with UBS on Tuesday becoming the third investment bank this month to downgrade the electric sports-car maker’s stock. Tesla’s shares fell over four percent in premarket trading after UBS analyst Colin Langan cut his rating to ‘sell’ from ‘neutral’, saying he expects the company’s car sales and home battery sales growth to disappoint. Tesla unveiled Tesla Energy, batteries for use in homes and offices, on May 1 and is estimated to have got more than $800 million worth of orders in the first five days. “However, this pace is misleading as customers did not put down deposits, so these are just solicitations of interest,” said Langan, rated three stars out of five for his stock recommendations on Tesla, according to Thomson Reuters StarMine.

Published in The Express Tribune, July 22^nd,  2015.

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