U.S. Markets close in 58 mins

Tesla Stock Loses 6% as Wall Street Piles on Musk's Model 3 Vision

Martin Baccardax

shares extended their decline to a sixth consecutive session Wednesday, losing 6% to close at $192.73 following yet another bearish note from Wall Street analysts as pressure piles on the clean-energy carmarker's plans to turn a profit from its flagship Model 3 sedan. Citigroup analyst Itay Michaeli cut his price target on the group by nearly 20% to $191 per share, while maintain a sell rating, citing a "negatively skewed" risk/reward scenario in the company's near-term outlook linked to concerns over cash flow and customer demand. Michaeli said the group's recent capital increase of $2.7 billion gives the balance sheet cushion against a 2019 downturn, but stressed the company needs to address its significant cash burn rate.