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Tesla stock edges lower despite analyst upgrading profit estimates

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Yahoo Finance Live’s Brian Sozzi reports that a Citi Analyst is increasing full-year profit estimates for Tesla.

Video Transcript

BRIAN SOZZI: All right, before we head to break, let's pull up shares of the always electric Tesla. Citi analyst Itay Michaeli is out with a slight increase in his full year profit estimates on Tesla, owing to strong second quarter execution.

But Michaeli is reiterating a sell rating on Tesla with a price target that assumes more than 50% downside risk to the stock. Michaeli is staying skeptical on the potential for Tesla's autonomous driving technology and views the stock's current valuation as, quote, challenging amidst the economic slowdown.