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Apple Inc (NASDAQ: AAPL) reportedly venturing into electric vehicles creates a new “bear case” for
Tesla Inc (NASDAQ: TSLA).
The Tesla Analyst: Jonas gave Tesla a Buy-equivalent rating in a note Tuesday and assigned a price target of $540 for the stock, which is almost 15% below the stock’s closing price on Tuesday, as reported by Bloomberg.
Thet Tesla Thesis: “Apple’s potential entry into autos represents perhaps the most credible/formidable bear case for Tesla’s stock that investors have had to consider for some time,” wrote Jonas.
Apple’s foray into vehicles could spell trouble for not only the Elon Musk-led company but also traditional automakers such as