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Tesla bull Dan Ives cuts the stock's price target to $1,000 from $1,400

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Yahoo Finance's Brian Sozzi discusses why Wedbush analyst Dan Ives cut his price target on Tesla.

Video Transcript

- Let's pull up shares of Tesla. A longtime Tesla bull, Dan Ives, over at Wedbush, friend of the show, feeling a little less bullish on one of his favorite stocks. Ives cut his price target on Tesla to $1,000 from $1,400, but kept an outperform rating, says Ives, quote, "we remain firmly bullish on Tesla over the long-term, and our thesis has not changed.

However, we have to reflect a new reality for Tesla in China with headwinds abound in a shakier macro backdrop. Ives also called out Musk's play for Twitter as a distraction that is starting to worry the Tesla faithful.