00:00 It's Benzinga and here's what's on the block.
00:02 UBS analyst Patrick Hamel downgraded Tesla's stock from buy to hold and raised the price
00:08 target from $220 to $270.
00:12 Despite acknowledging Tesla's success in pricing, production and technology, the stock's
00:16 continuous rise has made it less attractive to some analysts.
00:20 Tesla stock surpassed its previous price target in June, boosted by deals with other automakers
00:24 and excitement about artificial intelligence, resulting in a 20% increase in shares, but
00:29 subsequently experienced multiple downgrades as analysts aimed to capitalize on their gains.
00:35 Tesla's second quarter earnings report dispelled some concerns about margins and validated
00:39 the company's price cuts.
00:41 Tesla's needs progress in self-driving technology to boost margins further.
00:45 The number of analysts with a buy rating on Tesla has decreased and the average target
00:49 price for the stock has declined as well.
00:51 For all things money, visit Benzinga.com.
00:53 (upbeat music)
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