: Tesla sees downgrade but price target increase at UBS

Tesla TSLA was downgraded to neutral from buy at UBS, though its price target was increased to $270 from $220. “Tesla remains the undisputed truly global technology, scale and cost leader in the EV space, with unparalleled software capabilities. However, for the next 12 months, we think upside risk to consensus earnings is very limited with significant volumes from new product (first Cybertruck, then the affordable model) not kicking in before H2/24, and with some initial margin-dilutive impact,” said analysts led by Patrick Hummel, who say there’s significant long-term opportunity in the stock. Tesla shares have more than doubled this year, ending Friday at $260.02.

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