Shares of EV maker Tesla (NASDAQ:TSLA) sank in today’s trading after Bloomberg reported that the company’s robotaxi event, which was initially set for August 8, may be delayed. Sources suggest that the event might be pushed back to October in order to develop autonomous vehicle prototypes. However, it’s worth noting that Tesla had not confirmed the event’s rescheduling at the time of the report.
CEO Elon Musk has been discussing this event since April, and the robotaxi concept has been a part of Tesla’s Master Plan for at least eight years.
In addition, some analysts aren’t very excited about the robotaxi business. In fact, J.P. Morgan recently warned that high expectations and valuation for the robotaxi business might be too optimistic and believes that significant revenue from that segment is still years away. As a result, J.P. Morgan has a $115 price target on Tesla.
It also didn’t please investors when a report by Cox Automotive earlier today revealed that Tesla’s market share in the U.S. fell slightly below 50% in the second quarter.
Is Tesla a Buy or Sell?
Analysts remain sidelined about TSLA stock, with a Hold consensus rating based on 13 Buys, 14 Holds, and eight Sells assigned in the past three months. Over the past year, TSLA has declined by 10%, and the average TSLA price target of $184.50 implies a downside risk of 24.25% from current levels.
